Senator Hatch Gets It Right on Tax Extenders
On December 31, a set of approximately 50 tax-reducing provisions commonly referred to as the “tax extenders” expired. These provisions, which apply to both individuals and businesses, include popular measures such as the Research and Experimentation credit for businesses and the optional deduction for state and local sales taxes for individuals. Congress will need to retroactively extend these tax laws at some point this year; otherwise, a steep tax increase on certain groups of taxpayers will remain in place. Retroactively addressing the tax extenders is nothing new. Congress generally waits … More
