Grassley Optimistic About Tax Extenders
He said he wasn't sure Democrats would agree to their passage
Senate Finance Committee Chairman Chuck Grassley (R-IA) said this week he remains optimistic about addressing all expired or expiring tax extenders this year.
“I would expect that as of right now, if there’s an extenders package, that there won’t be anything left out,” Grassley told Bloomberg BNA. He added that Democrats would need to agree not to offer amendments to undo any portion of the 2017 tax law in order to ensure passage of a tax extenders package.
“The thing that makes it difficult is that in the past these extenders have had bipartisan support,” Grassley said. “We don’t hear a lot of talk among Democrats, except Senator Cantwell, to get an extenders package moving.”
Grassley and Senate Republicans want to move their own tax extenders package instead of taking up the tax package advanced by the House Ways and Means Committee in June. The Ways and Means tax extenders bill is offset by ending higher exemption levels for the estate tax at the end of 2022 instead of 2025 as currently scheduled, and that is unlikely to win support from Senate Republicans.
The Ways and Means Committee also advanced a measure to repeal the 21 percent tax on the value of so-called fringe benefits, such as free parking and mass transit assistance, that nonprofit employers offer or are required to provide to employees. ASAE, OSAE and the UBIT Coalition have been advocating for repeal of this tax since it was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA).
This article was provided to OSAE by the Power of A and ASAE's Inroads.