TRALA JOINS WITH HUNDREDS OF ASSOCIATIONS URGING CONGRESS TO PASS TAX EXTENDERS IN LAME DUCK
TRALA and a total of 527 other national and regional organizations on November 18, 2014 formally sent a letter to every member of Congress regarding the urgent need to extend more than 50 temporary tax provisions through legislation that has not yet been passed.
The letter urges Congress to act in the lame duck session taking place right now to extend or make permanent the expired and expiring tax provisions. These provisions are critical to TRALA members and to the overall U.S. economy. As the letter states, any failure to extend these provisions are essentially a tax increase which will simply inject instability and uncertainty into the economy.
Because these provisions expired on January 1, 2014 TRALA members and any business that utilizes these tax policies must know how to file their taxes. If the expired temporary provisions are not reenacted before January 1, 2015 then not only will 2014 tax filings be affected but company plans for 2015 will be unpredictable and force possible cuts where none should be made. Among the expired tax provisions important to TRALA members are:
- 50% bonus depreciation;
- Research and development tax credits;
- Section 179 business expensing;
- Biodiesel and alternative fuels tax credits.
TRALA recognizes the change in power in the U.S. Senate and the hope of many in the new majority to craft a more comprehensive tax bill in early 2015. However, TRALA believes that at a minimum, all the expired temporary tax provisions should be reenacted retroactively to January 1, 2014.
As tax reform builds momentum, the tax extenders package should not be delayed any further and TRALA will continue to push for the passage of such legislation throughout the lame duck session.
To view a copy of the tax extender letter sent to Congress, please click here.