In a clear sign that Congress
remains light years away from tax reform, the Senate Finance Committee
on Thursday approved a bill to renew a grab-bag of tax provisions and
loopholes that cost the Treasury billions of dollars annually and help a
wide array of special interests, businesses and families.
The
tax breaks and credits cover not only corporate research and
development, alternative and renewable energy and mass transit, but also
major corporate land transactions, movie and TV production, NASCAR
track operations and race horse owners.
These
dozens of tax credits have never been permanent in the federal tax
code, but instead have been repeatedly granted temporary extension over
the years, which is why they’re known on Capitol Hill as “tax
extenders.”
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