Senate Voted To Proceed with Tax Extenders Bill

Earlier this week The Senate has finally turned to a key tax extenders bill which includes Section 179 for agriculture. However, Iowa Senator Chuck Grassley says GOP opposition will likely slow the bill down by forcing procedural vote.Grassley: “There are people that have opposition to some parts of the bill — one or two issues within the bill. Then there is another argument that is more broad based that almost all of these things tend to be picking winners and losers and the fact that should the government be doing that. Most of those would come on the Republican side of the aisle I think. Wind energy is one of those tax breaks some in Grassley’s party oppose - but he considers a must among several for agriculture. Grassley: “That’s a priority for me that includes wind and biodiesel as well as provisions that provide relief to farmers purchasing equipment for their operations. That is the expensing of that depreciation. Having permanency to the Section 179 small business/ag expensing for equipment and buildings would take a lot of the unknown out of tax planning for farmers and racers. As it is — we are still waiting to see what will transpire. But the Senate bill - unless amended - does not call for extending tax breaks permanently - and retiring House Ways and Means Chair Dave Camp favors a modest extenders bill at best - leaving uncertain the fate of a bill already complicated by election year politics.