Congress is considering a two-year budget deal that would, among other things, change the tax code for 2017. Since the close of 2016, the fate of several expired tax “extenders”—a slew of temporary, constantly expiring tax breaks for individuals and businesses—has been up in the air. Unfortunately, the 2017 tax reform effort did not include a review of these expired provisions, and lawmakers are now pursuing retroactive extension of 32 expired tax breaks. For more than a decade, Congress has scrambled at the last minute to enact short-term extensions of dozens of expiring tax breaks every other December. This pattern was interrupted in 2015 when Congress passed several of the most important extenders—including Section 179 expansion and the R&D credit—into permanent law. After these became permanent, there was less pressure to renew the remaining extenders, and as a result 36 minor tax provisions were allowed to expire from the tax code at…
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