Extenders

BACKGROUND

“Tax extenders” refers to a broad list of tax laws that provide temporary tax relief and valuable incentives for companies to promote job creation and economic expansion.

The tax extenders list includes, but is not limited to, the R&D credit, the election to deduct state and local general sales tax, the railroad track maintenance credit, the exception under subpart F for active financing income, and the look-through treatment of payments between related controlled foreign corporations (CFCs) under the foreign personal holding company rules. These provisions have expired and been extended many times in the past, and were most recently extended as part of the "American Taxpayer Relief Act of 2012 (the Act)" which became law on January 1, 2013.

CHAMBER POSITION

The Chamber strongly supports the permanent extension of these provisions to bring more certainty to U.S. tax law, foster more effective business decisions, and encourage investment.

LINKS

• JCT List of Expiring Federal Tax Provisions 2011-2022
• Expired & Expiring Tax Provisions
• JCT Overview of the Federal Tax System in Effect for 2013
• General Explanation Of Tax Legislation Enacted In The 112th Congress