On Wednesday, December 3, 2014, the House will consider H.R. 5771, the Tax Increase Prevention Act of 2014, under a rule. H.R. 5771 was introduced on December 1, 2014 by Rep. Dave Camp (R-MI), Chairman of House Committee on Ways and Means, and referred to the Committee on Ways and Means.
H.R. 5771 extends a number of tax relief provisions in the Internal Revenue Code (IRC) that expired either at the end of 2013 or during 2014 for one year. Specifically, this legislation extends eight separate provisions for individuals, including the deductibility of state and local sales taxes; the deduction of certain expenses for elementary and secondary school teachers; the extension of the above the line deduction for qualified tuition; and the extension of tax-free distributions from individual retirement plans for charitable purposes. Moreover, this legislation extends 30 business-related provisions, including the research and development tax credit; bonus depreciation; increased section 179 expensing; and the subpart F exception for active financing income. H.R. 5771 also extends 11 energy-related provisions. The bill would also extend through 2015 two provisions relating to multiemployer defined benefit pension plans. Finally, the bill makes a number of technical corrections to previously enacted tax legislation.
A full section-by-section analysis can be found here.
On December 31, 2013, 55 separate provisions of the Internal Revenue Code (IRC) expired. Many of these provisions are critical to individuals and businesses, including a number of significant tax credits, and provisions relating to the deduction of state and local taxes. If these provisions are not extended retroactively, taxpayers will be unable to utilize these credits and deductions when filing their 2014 tax returns. H.R. 5771 extends these provisions, preventing tax increases on families and businesses who will begin filing their 2014 tax returns early next year.
According to estimates from the Joint Committee on Taxation, H.R. 5771 would reduce revenues by $44.8 billion over the 2015-2024 period.
For questions or further information contact the GOP Conference at 5-5107.