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Senate Finance Hearing on Corporate Tax Avoidance

Senate Finance Hearing on Corporate Tax Avoidance

The Senate Finance Committee recently held a hearing on the international section of the tax code, namely how to address the practice of U.S. companies moving their headquarters abroad in pursuit of lower tax rates.

NSBA Members Hear from the Experts

On Monday, NSBA’s Washington Presentation attendees heard from experts on a variety of issues during our issues briefing, including tax extenders, regulatory reform and the debt.

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Member Changes Could Impact Future Tax Reform

The recent primary loss by House Majority Leader Eric Cantor (R-Va.) has set a series of leadership changes in motion, with Republicans voting tomorrow on a replacement, and the Chairmanship of the Ways and Means Committee open in November.

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Vote Expected on Sec. 179 Expensing in the House

The House is scheduled to vote on several small-business tax extender provisions that have been expired since Dec. 31, 2013, later this week, including permanently higher Section 179 expensing limits and S corporation modernization legislation.

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Slow Process on Moving Tax Extenders

Negotiations behind the scenes continue as leaders in both the Senate and House work on a number of bills to address–to varying degrees–the tax extenders, including several business provisions such as Section 179 expensing and the research tax credit.

On May 13, the Senate attempted to consider the extenders package, however, the measure was stalled because Senate Majority Leader Harry Reid (D-Nev.) and Republicans were locked in a dispute over whether they would be able to offer amendments to the legislation. Since Reid invoked a procedural move restricting senators from offering amendments on the floor, the minority in turn blocked the procedural motion by a vote of 53-40 that would have allowed the bill to move forward—60 votes were required for passage.
Meanwhile, on the House side, the Ways and Means Committee approved six additional bills to make several temporary tax credits permanent on May 29. The committee has now advanced 12 bills making tax extenders permanent, in contrast to the single package put forward by the Senate.

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Action on Extenders Stalls in Senate Over Procedure

Last week, the Senate failed to move forward on a tax extenders bill due to procedural maneuvers, prompting an expected meeting among Finance Committee leaders to work on another path to extending these important tax measures.

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Senate Hoping for Action on Tax Extenders

Yesterday, the Senate voted to proceed to a bill which would ultimately address, among other things, 55 currently expired tax breaks including section 179 expensing and the research tax credit.

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R&E Tax Credit To Be Considered on House Floor

The House is set to vote this week on one of their tax extender bills which would make the R&E tax credit permanent while the Senate will vote in coming weeks on temporarily extending nearly all of the expired tax breaks.

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House Committee Addresses Business Tax Extenders

Yesterday, the House Ways and Means Committee held a markup of six bipartisan bills that would make several business extenders permanent, including the Research & Experimentation tax credit and Section 179 Business Expensing.

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NSBA First Vice Chair Testifies on Tax Burdens

Yesterday, NSBA First Vice Chair Tim Reynolds testified before the House Committee on Small Business on the tax burdens facing small firms, and cited NSBA’s recently-released Small Business Taxation Survey.

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