The Senate approved by a 76-16 vote the House-passed tax extenders bill (H.R. 5771) to extend most of the tax provisions that expired in 2013 retroactively for one year, through the end of 2014. The Senate’s action sends the extenders bill to the President for his signature. He is expected to sign the bill, and early press reports indicate that he is expected to sign the bill this week.
The bill’s business provisions include, amongst other provisions, extensions of: Bonus Depreciation; Section 179 (The provision would extend the small business expensing limitation and phase-out amounts in effect from 2010 to 2013 ($500,000 and $2 million) to property placed in service during 2014); R&D credit; Controlled Foreign Corporation look-through rule; and Active Financing Exception under Subpart F. The extenders bill also includes multiemployer pension plan provisions and a tax technical corrections package.