EXPIRE ACT Approved in Senate Finance Committee for Tax Extenders

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Posted by Randy Eickhoff on Apr 7, 2014 2:00:00 AM

EXPIRE ACT Approved in Senate Finance Committee for Tax Extenders

On April 3rd, the Senate Finance Committee passed (by strong bipartisan vote) the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. The bill contains individual, family, and small business related provisions. Included in the bill are extenders for the research and development tax credit (§41), energy efficiency deduction for commercial buildings a(§179D), energy efficient Credits for Multifamily & Residential Developers (§45L), 50% Bonus Depreciation §179 Expensing Thresholds, 15-year life for qualified property, WOTC & Empowerment Zones.

One exciting and interesting note is that the extension for the R&D Tax Credit includes a modification to allow the use of the credits against payroll taxes for qualified small businesses (less than 5 years old and less than $5,000,000 in gross receipts) as well as allowing the use of the credits against alternative minimum tax. As many will recall, the R&D credit was available to be used against AMT for one year in 2010. This current modification would have an immediate and valuable impact for small business across the US.

You can find more information here.        

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Randy Eickhoff

Randy Eickhoff

Acena Consulting Founder and Partner. Randy is a licensed CPA and has worked with over 200 companies on various tax credits and other government incentives including multinational technology firms as well as small privately held manufacturing, sports, and technology companies.