Senate Finance Committee approves "tax extenders" bill renewing certain expired and expiring business and individual tax provisions

Washington National Tax Services

The Senate Finance Committee today voted 19 to 5 to approve the "Family and Business Tax Cut Certainty Act of 2012," which would extend certain expired and expiring business and individual tax provisions through the end of 2013. The proposed tax extenders package includes a two-year extension of many tax provisions that expired at the end of 2011 – including the research credit, CFC look-through, active financing, and leasehold improvement depreciation – and a one-year extension of a modified renewable electricity production tax credit and certain other tax provisions that are set to expire at the end of 2012. The package also includes an individual alternative minimum tax “patch” for 2012 and 2013.



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