Business lobby asks for action on tax breaks

A string of powerful business advocates is pushing lawmakers to act quickly on the dozens of tax breaks that expired at the end of 2014. 

Five lobby groups in all called on tax writers in both the House and the Senate to restore the “vitally important” provisions, and said that failing to act would be nothing more than a tax increase that hurts the economy.

{mosads}”While we appreciate and support the current efforts to advance bipartisan, comprehensive tax reform legislation, Congress must seamlessly extend the expired tax provisions that are critically important to U.S. jobs and the broader economy until an overhaul of the tax code is enacted into law,” the Business Roundtable, the Information Technology Industry Council, the National Association of Manufacturers, the National Foreign Trade Council and the U.S. Chamber of Commerce wrote. 

Senate tax writers have said that the Finance Committee could move to consider reviving the tax breaks, commonly known as extenders, before Congress leaves for August recess. House Ways and Means Chairman Paul Ryan (R-Wis.) has discussed pairing the expired incentives with the revamp of the international tax system that he wants to negotiate this fall that would also provide highway funding. 

Congress last restored the tax breaks in December 2014 – only to watch them expire again at the end of the year.