Senate begins process of renewing expiring tax provisions

Prior to its adjournment for summer recess, the Senate Finance Committee approved the extension of almost 100 specific tax breaks and benefits. “The Family and Business Tax Cut Certainty Act of 2012” was reported out of the Committee with bipartisan support and renews or extends provisions such as the alternative minimum tax, the deduction for state and local sales taxes, the research and development credit and a series of energy-related provisions (see below). It is possible that the full Senate will begin to consider the legislation in September, prior to the next recess scheduled for the first week of October that will run through the November elections, but no final action will take place until after the elections in what promises to be a very busy Lame Duck session. Senior members of the House Ways and Means Committee have noted their legislation will not be ready until after the elections.