Senate Finance Today to Markup Tax Extenders Measure
New Senate Finance Chairman Ron Wyden (D-Ore.) today leads a markup of legislation to end the impasse over temporary tax breaks that expired at the start of the year, but the draft measure would leave behind 10 of the 55 provisions. Included in the retroactively, two-year extension (through 2015) is the lapsed biodiesel tax incentive, and Section 179 expensing so important to farmers. The Finance Committee will approve the extenders, but the key will be when the full Senate and especially the House takes up the topic. Most sources continue to signal the end zone on this issue will not come until after the Nov. elections, during a lame-duck session of Congress. Not included initially is the renewable electricity production tax credit, prized by the wind energy industry — and supported by Wyden. Sen. Chuck Grassley (R-Iowa) will offer the credit as an amendment to the bill (some 100 amendments have already been filed – link to list). Many of the extra measures won't reach a vote, based on rules Wyden outlined to decide which will be considered germane to tax extenders. Sen. Debbie Stabenow (D-Mich.) offered a measure to establish new tax-exempt agricultural research organizations modeled off legislation (S 1280) she introduced with Sen. John Thune (R-S.D.).