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 CantorEric Ivan CantorThe Hill's Morning Report — Sponsored by CVS Health — Trump’s love-hate relationship with the Senate Race for Republican Speaker rare chance to unify party for election Scalise allies upset over Ryan blindside on McCarthy endorsement MORE (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 ReichertDavid (Dave) George ReichertGOP super PAC targets House districts with new M ad buys Lawmakers reach deal on bill to crack down on synthetic opioid imports GOP lawmakers back discharge petition to force immigration votes MORE (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 ReidHarry Mason ReidAmendments fuel resentments within Senate GOP Donald Trump is delivering on his promises and voters are noticing Danny Tarkanian wins Nevada GOP congressional primary MORE (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.”