AFS Signs Letter Urging Congressional Action on Tax Extenders
September 22, 2015
In September, AFS signed onto the Broad Tax Extenders Coalition letter calling on members of Congress to act immediately to extend the expired and expiring tax provisions known as “tax extenders.” Following the letter, the House Ways and Means Committee approved legislation to make permanent the 50% first-year expensing, also known as bonus depreciation. Earlier this year, the Ways and Means Committee and the full House of Representatives approved legislation to make permanent two other tax extenders important to metalcasters: the R&D tax credit and enhanced Section 179 expensing.
In the Senate, the Finance Committee took a different approach and approved in July a two-year extension of the expired tax provisions. It is not yet clear how the House and Senate will ultimately reconcile these two approaches before the end of the year. These important tax provisions expired in 2014.