The U.S. Senate Finance Committee has released another report from the bipartisan taskforces that have been examining temporary tax provisions that expired, or will expire, between December 31, 2017, and December 31, 2019. The most recent report addresses provisions designed to increase participation in the workforce and to expand economic opportunity in low-income communities.
The taskforce report addresses: (1) the Indian employment tax credit, (2) the new markets tax credit, (3) the mine rescue team training credit, (4) the work opportunity tax credit, 5) empowerment zone incentives, and (6) the American Samoa economic development credit. The report describes the provisions, summarizes input received from stakeholders, and includes an appendix of comments received.
The report also includes a few paragraphs of “consensus recommendations” including that:
Senate Finance Committee Chairman Grassley and ranking member Wyden in May 2019 announced the formation of several bipartisan taskforces to examine temporary tax provisions that expired, or will expire, between December 31, 2017, and December 31, 2019—a total of 42 provisions.
The taskforces were charged to examine tax policies in five areas:
A separate taskforce was assigned to examine whether there is a core package of tax relief provisions that should be available when there are natural disasters.
In February 2019, Senators Grassley and Wyden introduced bipartisan legislation to restore the tax provisions that expired at the end of 2017 and 2018 through the balance of this year and to provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018. Read TaxNewsFlash
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