The Senate Tax Extenders Bill, which amends the IRS code and extends various tax provisions related to individuals, businesses and the energy sector, initially passed the Senate Finance Committee with bipartisan support, but failed later to meet the 60-vote cloture requirement by a vote of 53 to 40.
Initial support for the bill fell away as Republicans were blocked from offering amendments to the bill. Now the status of important tax provisions — such as the R&D tax credit and increased limitations for section 179 small business expensing — continue in limbo. Meanwhile, the House continues its work on extenders, including a permanent extension and enhancement of the R&D tax credit.
Failure by the Senate to pass the extenders bill is disappointing to many, and Congress must continue to work to restore these important tax provisions, which support innovation and investment within the tech community. While the path forward for the Senate is not clear, it is certainly possible that further action might be deferred until after the midterm election in November.
Lamar Whitman is director of public advocacy for CompTIA.
