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Lapsed Tax Breaks for Wind, Research Advance in Senate

The U.S. Senate Finance Committee voted to revive almost all of the 55 tax breaks that expired Dec. 31, providing benefits for wind energy, U.S.-based multinational corporations and motor sports track owners.

Democrat Ron Wyden of Oregon, the chairman of the Senate Finance Committee, said today he supports the package of U.S. tax breaks totaling more than $86 billion while adding that he wants to avoid future temporary extensions. Instead, he said, Congress should revamp the entire tax code.