Van Hollen sets ambitious tax agenda before August break

Rep. Chris Van Hollen (D-Md.) on Thursday laid out an ambitious tax agenda he said would be accomplished before the August recess. 

According to the congressman, by late July the House will have extended several expiring measures, passed a small business jobs package that could expand loan opportunities to certain companies, and advanced legislation promoting green energy. 

The extender bill, now called a "jobs" bill, will resuscitate tax breaks that expired last year, like the research and development tax credit, and extend unemployment insurance, among other things. It will also be partially offset, in part by no longer allowing companies to "split" foreign tax credits, Van Hollen said.

The small business bill will zero-out capital gains taxes for small companies registered as C corporations, among other things. 

The green energy bill will extend the Advanced Energy Manufacturing Tax Credit and possibly renew tax grants aimed at the renewable energy sector.

It is unclear if these proposals will be combined into one bill or move as independent pieces of legislation. 

"That's a question that needs to be resolved," Van Hollen said.