The Senate on December 16 failed to act on a package of some 54 expired tax provisions (the Tax Increase Prevention Bill (HR 5771)), instead focusing on presidential appointees. Senate Majority Leader Harry Reid, D-Nev., initially expressed optimism that the Senate could wrap up its business in one day, but warned that the chamber could be in session for the remainder of the week in order to clear up unfinished business, including the tax extenders legislation.
“We can complete everything we wanted to today,” said Reid in his opening remarks. “Everything is scheduled now for moving forward, we could finish it today. So I hope that everyone understands we can move forward.” Reid remarked that he was prepared to keep the Senate in session for as long as it takes.
“But we’re going to have to be here until we finish our work, whether that’s Tuesday, Wednesday, Thursday, Friday or Saturday,” Reid said. “So everyone should understand you can’t be leaving.”
HR 5771 would extend the now-expired incentives through 2014. The package includes provisions that would extend for another year the local sales tax deduction, the research tax credit, New Markets Tax Credit and the Work Opportunity Tax Credit. In addition, the measure would also extend bonus depreciation at 50 percent, a 15-year, straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements. The cost of the bill is $44.7 billion over 10 years.