Earlier today, Senate Finance Committee Chairman Orrin Hatch filed legislation that would extend a host of expired tax provisions. Section 179D would be extended through December 31, 2018 (with one-year retroactive to cover 2017).
Sen. Hatch’s introduction of the bill is significant in that it sends a clear message that the Senate – and Senate Republicans, in particular – deems the extenders package a priority and will work to ensure its enactment. Joining Senator Hatch as cosponsors of the legislation are GOP Senators Grassley, Crapo, Roberts, Thune, and Isakson.
Proponents have encouraged Congress to pass the tax extenders package prior to adjourning for the Christmas holiday. As of now, GOP congressional leaders have not definitively ruled out moving extenders before the end of the year; however, the chances are slim and getting slimmer by the hour. Along with a continuing resolution to fund the government, Congress is attempting to pass a series of other must-do measures before Friday, including an $81 billion supplemental for hurricane and wildfire relief.
Congressional leaders have signaled that extenders, if not completed this year, will be addressed early in 2018. Many have speculated that an opportunity may come as early as January 19, when Congress is expected to pass an appropriations bill to fund government for the remainder of Fiscal Year 2018. However, no commitments on timing have been made.
It will be imperative for advocates of Section 179D to reengage immediately upon Congress’ return to Washington – currently scheduled for January 3. While the introduction by Senator Hatch is an important development, it is just one step in the process.
For a copy of the Hatch tax extenders package visit the following link.
The long-rumored legislation was introduced on the day Congress completed its work on comprehensive tax reform legislation. For more information on how your firm can be involved in lobbying efforts for the extension of 179D please contact Concord by calling us at 888-897-5445 or via email at primer@concordlp.com.
On behalf of Concord we wish you a Happy Holiday season, and look forward to working together in the coming year.
