A Wide US coalition requested renewal of Tax extender

More than 500 United States organizations, representing a wide range of individuals, businesses, and non-profit organizations, delivered a letter on November 18 to the House of Representatives urging lawmakers to work together during the current congressional lame-duck session to deal with the "tax extenders" package. The more than 50 provisions that expired at the end of 2013 include mortgage tax relief; the deduction for state and local sales taxes; and education tax deductions, for individuals. And for businesses, they include increased expensing under Section 179; 50 percent bonus depreciation; the work opportunity tax credit; the credit for research and development (R&D) expenses; and tax breaks promoting renewable energy. "These tax provisions are critically important to US jobs and the broader economy," the organizations wrote. "Failure to extend these provisions is a tax increase. It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace." "The expired provisions should be renewed as soon as possible this year to enable implementation in time for the normal tax filing season. A delay in the tax filing season will delay tax refund checks and spending decisions, resulting in an immediate negative impact on the economy." The organizations concluded by urging "all members of Congress to work together to extend, enhance, or make permanent these important tax provisions this year to provide a necessary bridge to comprehensive tax reform." Source: www.taxnews.com