By SEMA Washington, D.C., Staff
The U.S. House of Representatives has approved a bill to permanently extend the research and development (R&D) credit. Several other bills to permanently extend tax credits that expired in 2013 are awaiting House consideration, including an extension of the $500,000 small-business expensing limit. The Senate Finance Committee has already approved a SEMA-supported bill extending most of the nearly 60 expired tax breaks for another two years. The Senate bill would also extend the 50% bonus depreciation for qualified property purchased before January 1, 2016.
The bill is now being scheduled for a vote on the Senate floor. At some point, the House and Senate bills will be reconciled and lawmakers will need to identify revenue offsets to pay for the extenders.
For more information, contact Stuart Gosswein at stuartg@sema.org.