SHARE   |  

Senate Finance Committee Approves Extender Package

Moving Forward

The Senate Finance Committee has approved an extender package that contains an extension of WOTC, including the new Veterans Credits and Federal Empowerment Zones through 2013 and retroactively for 2012. Although it is unclear when the bill will be taken up in the Senate, it is possible that final action will be deferred until after the elections.

This approval is an important step forward for WOTC, as it means the Senate Finance Committee is on record in favor of WOTC, which will be the position of the Senate in final negotiations on a tax bill.

Below is a list of provisions excluded from the extender package:

  • Computer inventory charitable donations
  • Book inventory charitable donations to public schools
  • DC and Samoa tax incentives
  • GO Zone incentives
  • Other disaster relief incentives
  • Refined coal
  • Plug-in conversion credit
  • Percentage depletion from marginal oil and gas wells
  • Motorsports 7-year Depreciation
  • Renewable energy production tax credit (expires at end of 2012)
  • Section 1603 grants in lieu of tax credits
  • Ethanol tax credits
  • Modified tax treatment of payments under certain controlling exempt orgs

For your reference and review, we have attached the following link to the final markup as submitted by the staff of the Joint committee on Taxation:

http://www.adp.com/pdf/FINAL-SFC-Extenders-Markup1.pdf

Learn more about leveraging tax credits and incentives with help from ADP.


TAGS  

1-855-864-1712

Sign Up for
Email Updates

featured webinar