Senate Majority Leader Harry Reid (D-Nev.) has said he plans to take up legislation in the coming lame-duck session to extend or re-instate several expiring or expired tax credits.
"We have to do the tax extenders," Reid told reporters at a Sept. 18 press conference, noting that the absence of extensions has been "extremely hurtful" for businesses and individuals. The post-election session is scheduled to start on Nov. 12.
The Senate Finance Committee on April 3 approved a package that included reviving expired tax credits for wind-energy production, energy efficiency, and research and development. At a Sept. 17 hearing, Committee Chairman Ron Wyden (D-Ore.) and the panel's top Republican, Orrin Hatch (Utah), called for swift Senate approval of the measure, which is called the EXPIRE bill.
Construction industry groups say they particularly want to see Congress extend two accelerated-depreciation incentives: the 50% bonus depreciation for property purchased and used before Jan. 1, 2016, and the increase, under Section 179 of the tax code, in the maximum amount and phase-out threshold of purchases exceeding $200,000.
The House Ways and Means Committee on April 29 approved a much smaller package of tax extensions. Among them are the R&D credit and the expanded expensing threshold under Section 179. But the Ways and Means bill had few energy provisions.