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.
What is Senate Bill S. 2260?
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 Senate Bill 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.
EXPIRE Act of 2014
A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.
- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedApril 28th, 2014
- senate Committees