What is S. 2260?
(Updated January 31, 2017)
Tax-extender bill that renews through 2015 more than 50 tax incentives that either have lapsed or will lapse at the end of 2014. The bill includes a number of energy-related tax credits, in addition to mortgage debt relief and deductions for teachers' expenses. A full list of the extensions can be found below, via the "Senate Committee on Finance: Bill in Detail" media link.
Argument in favor
Lowers tax obligations and extends tax benefits.
Argument opposed
Kicks the can down the road, in regard to the federal deficit.
Impact
Keeps a number of different groups from having to pay higher taxes by keeping current tax incentives in place and backdating these incentives to 1/1/14. Increases the national debt.
Cost of S. 2260
The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues by about $81.3 billion over the 2014-2024 period. A small portion of those estimated reductions in revenues, less than $0.1 billion over the period from 2014 to 2024, results from off-budget (social security) revenues. CBO and JCT also estimate that the bill would increase direct spending by $2.8 billion over the 2014-2024 period. On net, JCT and CBO estimate that enacting the bill would increase deficits by about $84.1 billion over the 2014-2024 period. Pay-as-you-go procedures apply because enacting the legislation would affect revenues and direct spending.
Additional Info
Media:
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