Tax News & Views - May 30, 2014
Vol. 15, No. 21
Tax Policy Group, Deloitte Tax LLP
- Ways & Means approves permanent bonus depreciation deduction, charitable giving extenders – The House Ways and Means Committee voted along party lines to pass a series of unpaid-for bills that would permanently extend a more generous version of the 50 percent bonus depreciation deduction for qualified property, an enhanced deduction for charitable contributions of food inventory, and a handful of other charitable giving provisions that expired at the end of 2013.
- JCT releases revenue estimates for anti-inversion bills – The Joint Committee on Taxation staff released estimates showing that recently introduced House legislation that would permanently restrict the ability of U.S. companies to reorganize overseas in so-called inversion transactions would increase federal revenues by an estimated $19.46 billion from 2015 to 2024, while a companion Senate bill that would sunset after two years would raise $791 million over the same period.
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