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.
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