The tax extenders include popular tax provisions for both business and individuals, including the research and development (R&D) tax credit and the state and local general sales tax deduction. While Congress typically renews these provisions on an annual basis, the most recent extension expired at the end of 2014, and failure to extend these provisions in a timely manner causes uncertainty and instability in the economy.
Currently, the U.S. Senate Finance Committee has approved legislation that would retroactively extend through 2016 the tax extenders that expired at the end of last year. The House Ways and Means Committee hopes to advance a tax extenders bill as early as September but may take a different approach by including permanent extensions of several of the provisions. The House and Senate will have to reconcile their differing approaches to tax extenders in the remaining months of 2015.
The Broad Tax Extender Coalition, of which FEI is a member, is coordinating a sign-on letter that is open to companies, coalitions, associations, and non-profit groups (including state/local/regional groups) to sign. Last year the Coalition undertook a similar effort that was open only to associations. FEI and six FEI Chapters – Chicago, Dallas, Indianapolis, Memphis, Portland, and Toledo – signed the letter in 2014. A strong showing of signatures is important to send a message to Congress that tax extenders are critical to the U.S. economy and must be addressed immediately.
To sign your organization on to the letter please click this link and fill out the appropriate information by close of business Thursday, September 3. Please be sure to list your organization exactly how you would like it to be listed on the letter and please feel free to send the sign-on link to other organizations that may be interested in signing. The final letter will be sent to Congress the week of September 7.
For more information, contact Karen Lapsevic, Director, Government Affairs, at 202-626-7809 or [email protected].