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ARTICLE · 05 JUNE 2014

Tax Policy Update - June 2, 2014

McGuireWoods LLP
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$600 billion is the approximate amount of revenue lost over 10 years from permanently extending "bonus depreciation" and the research and development tax credit.

United StatesTax
Russell Sullivan
Russell Sullivan
Danielle Dellerson
Danielle Dellerson

NUMBER OF THE WEEK: $600 billion

The approximate amount of revenue lost over 10 years, according to the Joint Committee on Taxation, from permanently extending "bonus depreciation" and the research and development tax credit — both of which have passed in the House without offsets, while the Senate's efforts to pass a two-year extension of nearly all of the expired extender tax breaks have stalled.

LEGISLATIVE LANDSCAPE

House: Ways & Means Reports Out Permanent Bonus Depreciation, Charitable Extenders.

The House Ways & Means Committee on May 29 marked up and favorably reported out six tax bills, including a nearly $300 billion proposal to permanently extend the currently expired "bonus depreciation" provision, which allows businesses to write off 50 percent of certain capital investments right away.

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