Tax Breaks for Business: Congress Fights Over Renewal
Tax breaks both sides want, but they’re fighting anyway
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S. 2260 EXPIRE Act of 2014
The Essentials:
1. House and Senate leaders have been arguing for months about whether to renew scores of tax breaks for U.S. businesses and individuals that expired on Dec. 31. The wide-ranging incentives include a credit for wind energy producers, a provision letting corporations defer U.S. taxes on overseas lending profits, and a break for Nascar racetracks. There’s broad support for the extensions—the fight is over the best way to approve them and whether to make them permanent.