The Senate Finance Committee has scheduled a session on Thursday to mark up an extenders bill for the dozens of tax break provisions that expired at the end of 2011, or that will expire at the end of this year.
At the same time, the committee has cut back on the number of traditional extenders by nearly 25 percent.
“The Senate Finance Committee worked together to craft a bipartisan extenders package,” said Committee Chairman Max Baucus, D-Mont. “This effort has proven that legislating can still be done if both sides work together. Extending these tax-cutting provisions gives certainty to middle-class families and businesses across the country, and it helps support the jobs our economy needs. “
“We’re facing serious challenges with the fiscal cliff at the end of the year, and this win shows we’re able to come together to tackle tough problems,” he continued. “This is exactly the kind of work it will take to address the fiscal cliff.”
“This legislation demonstrates that there is a will to subject longstanding tax policies to the full and much-needed public scrutiny of the American people,” said Orrin Hatch, R-Utah, ranking member of the committee. “This is a first step towards the ultimate goal of comprehensive tax reform that shows that there is a path to resolving the challenges we face as a nation.”
The legislation includes benefits for small businesses, working families, research and development, and renewable energy initiatives. The proposal also includes a one-year patch for the alternative minimum tax that will prevent it from hitting 27 million taxpayers in the 2012 tax year. Senators Baucus and Hatch applauded the Finance Committee’s streamlining of the extenders package, which allows close to 25 percent of the current tax provisions to expire.
