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Tax News & Views - July 11, 2014

Vol. 15, No. 26


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Tax News & ViewsAuthor
Tax Policy Group, Deloitte Tax LLP

  • House and Senate taxwriters draw lines over highway funding fix – After recent talks between congressional taxwriting leaders aimed at reaching a bipartisan, bicameral agreement for funding transportation infrastructure projects apparently fell flat, the House Ways and Means Committee and the Senate Finance Committee approved competing short-term proposals to replenish the rapidly dwindling Highway Trust Fund and extend its spending authority into 2015.
  • House approves permanent bonus depreciation deduction – The House of Representatives passed an unpaid-for bill that would expand and permanently extend the 50 percent bonus depreciation deduction for qualified property and the election to accelerate alternative minimum tax credits in lieu of bonus depreciation that expired at the end of 2013.
  • House, Senate bills address corporate relocations – The House approved a fiscal year 2015 appropriations bill with a provision that would deny federal contracts to former U.S.-incorporated businesses that subsequently reincorporated in Bermuda or the Cayman Islands; meanwhile, the Senate announced plans to vote on legislation that would deny certain deductions for U.S. businesses that move their operations abroad and provide tax credits to businesses that bring foreign operations back to the United States.

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