Business lobbies for expired tax breaks

The business lobby is ramping up its efforts to get Congress to pass a string of expired tax breaks before the end of the year. 

More than 2,000 companies in all signed a letter to lawmakers, released Thursday, urging quick action on the tax extenders. The Business Roundtable, the National Association of Manufacturers and the U.S. Chamber of Commerce were among the groups who joined the letter.

{mosads}”Failure to extend these provisions is a tax increase. It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace,” the groups wrote. 

“Acting promptly on this matter will provide important predictability necessary for economic growth.”

More than 50 incentives expired at the end of 2014, less than a month after Congress got around to restoring them for the year. The expired incentives include a tax credit for business research and a provision allowing faster write-offs for investments.

House Ways and Means Chairman Paul Ryan (R-Wis.) has said he’s examining the tax breaks as part of an effort to marry a revamp of international tax rules for corporations with a long-term highway bill.