House Ways and Means to consider more tax breaks

The House Ways and Means Committee will consider a second round of tax break extensions on Thursday, according to lawmakers and lobbyists.

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The panel, led by Rep. Dave Camp (R-Mich.), will mark up a series of provisions dealing with charitable contributions and an incentive, known as bonus depreciation, that allows businesses to more quickly write off investments.

Camp is pushing to permanently restore some expired incentives, commonly known as extenders, as a way to spur momentum for tax reform.

The Ways and Means committee considered six separate expired incentives last month, and the full House recently approved a permanent extension of the popular credit for research and development.

Many House Democrats who support that provision voted against the proposal, balking at the $156 billion price tag.

The House action will come as the Senate is seeking to pass an $85 billion package that would extend most of the expired tax breaks for two years. Senators in both parties support the tax cuts, but Republicans blocked the bill recently to protest Senate Majority Leader Harry Reid’s (D-Nev.) handling of the floor.

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