05/23/2019

Tax Extenders Back on Committee Agendas

The deals could be reached after Memorial Day

Leaders of the two tax-writing committees of Congress are discussing the possibility of taking up tax extenders after Congress returns from its Memorial Day break.

House Ways and Means Committee Chairman Richard Neal (D-MA) has been focused on moving a retirement bill and an IRS overhaul measure but Neal said he talked to Senate Finance Committee Chairman Charles Grassley (R-IA) this week about what to do with dozens of tax breaks that expired in 2017 and 2018. Neal and other Ways and Means Democrats want to expand the earned income tax credit but they want this and other tax breaks to be financed. Grassley has urged Neal and his committee to put forth an extenders package to get the conversation started sooner than later.

“It’s past time for Congress to end its bad habit of waiting until the last minute to extend temporary tax policy,” Grassley said. “This type of tax policy is meant to encourage long-term growth and investment. By definition, that must be done deliberately and ahead of time to be successful.”

Grassley and Senate Finance Committee Ranking Member Ron Wyden (D-OR) last week announced the formation of five task forces charged with coming up with solutions on various extenders by the end of June, including whether to make them permanent or let them lapse.

This article was provided to OSAE by the Power of A and ASAE's Inroads.