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Planned Giving

With thoughtful planning, anyone can provide for their financial goals and help Jacksonville University continue to be an extraordinary place to learn. Planning may allow you to:
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Tuesday November 25, 2014

Washington News

Washington Hotline

Tax Extenders – One Year or Permanent?

As the Thanksgiving holiday rapidly approaches, there are significant negotiations underway on the tax extenders bill.

Senate Finance Committee Chairman Ron Wyden (D-OR) presented House Ways and Means Chair Dave Camp (R-MI) with the latest Democratic proposal.

Chairman Camp has openly stated that he would like to make permanent as many of the tax extender provisions as possible. Ways and Means Member David Reichert (R-WA) confirmed that point and noted, “We are looking at permanent extenders for all of the extenders that we passed from the House.”

The House has passed bills with six permanent business and charitable extenders. The business extenders include bonus depreciation, the research and development credit, Section 179 expensing and favorable provisions to minimize capital gain for Subchapter S corporations. The charitable provisions include the IRA charitable rollover, appreciated property gifts from Subchapter S corporations and gifts of apparently wholesome food.

Chairman Wyden presented a proposal to make permanent the enhancements for the earned income tax credit (EITC), the child credit and other tax extenders.

The final negotiations next week are likely to include the leaders of both parties. Senate Democratic Whip Richard Durbin (D-IL) stated, “I would like to see this resolved and make permanent some of these extenders, and I hope we are going to include in that discussion the EITC and childcare tax credit.” Majority Leader Harry Reid (D-NV) told the media that he was open to some permanent extenders. Speaker John Boehner (R-OH) did not comment this week. However, he has previously supported the House bills with the 12 permanent provisions.

Both parties will attempt to reach an agreement during the week of November 24. If the agreement is reached by Thanksgiving, it will be presented to the House and Senate during the first week of December.

Editor’s Note: Senate and House members are showing a sense of urgency in moving forward. The fact that both parties are now proposing permanent status for some preferred tax extenders is quite positive. While Congressional agreement is never certain, the positions of both parties suggest that a compromise agreement on a number of permanent extenders is possible. The question for philanthropy is whether the IRA charitable rollover and other provisions will be passed permanently or for one or two years.

Published November 21, 2014
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