House lines up permanent tax breaks for June

The House is set to take up several bills extending expired tax provisions when lawmakers return in June.

House Majority Leader Eric Cantor (R-Va.) told members in a memo Friday that the chamber will vote on three tax bills that would make permanent specific tax breaks that have previously expired.

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One bill, offered by Rep. Pat Tiberi (R-Ohio), would make permanent the deductions small businesses can make for investments in new equipment and property. A second, from Rep. Dave Reichert (R-Wash.), would make permanent an expired tax break that enables businesses set up as S-corporations to shrink the window they have to hold built-in gains from 10 years to five. And the third, also from Reichert, would make permanent tax adjustment rules pertaining to S-corps that make charitable donations.

Last month, the House passed legislation that would make permanent the research and development tax credit, another break that had lapsed at the beginning of 2014. House Republicans are pushing bills to make permanent certain breaks, while Senate Democrats are pushing to offer short-term extensions of those same breaks.

Senate Majority Leader Harry Reid (D-Nev.) indicated earlier this week that the extenders legislation likely will not be dealt with until after the November elections.

In his memo, Cantor noted that House Ways and Means Committee Chairman Dave Camp (R-Mich.) put forward a “bold” comprehensive tax reform plan. While efforts to completely overhaul the tax code have stalled in this Congress, Cantor said the House will move the extenders legislation as the tax-writing panel “continues to gather feedback on the draft.”