AFS Supports Efforts to Advance Tax Extenders Package
July 30, 2015
Efforts are underway in Congress to extend through 2016 a number of tax provisions important to the metalcasting industry, including enhanced Section 179 expensing, first year 50% expensing (known as bonus depreciation), the R&D tax credit, and deferral for active financing income. AFS has urged lawmakers to extend these provisions before the end of the year in order to provide certainty with business planning concerning capital investments and R&D. These temporary tax provisions expired at the end of last year, just days after Congress retroactively renewed them for tax year 2014.
In Congress, the Senate Finance Committee approved a two-year extension of the expired tax provisions in July. The extension would serve as bridge until the Congress acts on comprehensive tax reform. In the House, the House Ways and Means Committee has not yet taken up a package of tax extenders. Earlier this year, the full House of Representatives passed individual bills to make permanent the R&D tax credit as well as enhanced Section 179 expensing. AFS will continue to be engaged in this issue.