November 3, 2014

Metals Service Center Institute Signs Letter Asking Congress To Pass Tax Extenders Bill

This week MSCI and dozens of other organizations will send a letter to members of the U.S. House and Senate asking them to pass legislation over the next two months to extend the more than 50 tax provisions that expired at the end of 2013. 

The letter will argue, “Failure to extend these provisions is a tax increase” and “will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace.” It will conclude, “Enacting a seamless extension of the expired tax provisions will provide important predictability necessary for economic growth.” Among the provisions that must be extended:

  • Research and development tax credit;
  • Bonus depreciation;
  • S Corp built-in gains;
  • Section 179 deductions;
  • State and local income tax deduction;

House Majority Leader Kevin McCarthy (R-Calif.) has said he is hopeful Congress will pass the tax extenders bill before it leaves for the December holidays while Bloomberg also reports federal lawmakers are in early negotiations on a deal to extend the tax provisions for one or two years.