Tax Extenders Bill to be Marked up in U.S. Senate Finance Committee

CliftonAllenLarson Principle and Farm CPA Today blogger Paul Neiffer gives an update on where tax extenders are in the legislative process.
Neiffer: “Senator Orin Hatch, who is the chairman of the Senate Finance Committee, indicated that they are going start marking up a bill on doing the tax extenders. Likely it would be for a two-year provision — so it would be for 2015 and 2016. It sounds like they talking about having Section 179 at $500,000 for this year and next year and having 50 percent bonus depreciation. Now if this goes through, I think their idea is to fast track it and get it out before the August recess. I think there is a chance — about a 20 to 30 percent chance of this might happen by Labor. It might look a little better next week when we see what happens. The key is as long as they just do an extension and don’t try to make some of these provisions permanent or add in a bunch of stuff. There is a good chance that the House and Senate will go along with it and the President will sign it. But if they start throwing in a bunch of other goodies or trying to make some stuff permanent, it is going to be slow process.”
So good news for farmers in the short-term if they can get these extensions passed and signed into law. But, Neiffer cautions that we shouldn’t expect any permanency any time soon.
Farm CPA Today is one of my favorite informative blogs, if you haven’t yet visited it, go to Farm CPA today.com.