Daily Tax Report ®

Senate Won’t Back Tax Increases to Offset Extenders, Thune Says

Feb. 26, 2019, 9:38 PM

Extending a package of expired tax breaks would require the House to waive its pay-as-you-go rules, Senate Majority Whip John Thune said Feb. 26.

Lawmakers have been weighing the path forward for the tax breaks, known as extenders, that expired at the end of 2017. Congress would need to retroactively extend the tax breaks—which include a railroad track maintenance credit under tax code Section 45G and a biodiesel tax credit—in order for businesses to claim them on their 2018 returns.

House rules require the chamber to find spending cuts or revenue increases to offset legislation that would otherwise increase the...

To read the full article log in. To learn more about a subscription click here.