Update per GovTracks.us:
H.R. 5771: Tax Increase Prevention Act of 2014
- Introduced: Dec 1, 2014
- Status: Approved by President Obama December 19, 2014.
- On December 1, legislators introduced H.R. 5771, also known as the Tax Increase Prevention Act of 2014. The House passed the Bill Dec. 3 and the Senate Dec. 16. The President has now signed this into law. The Act is a a stopgap measure, retroactively extending for one year certain tax relief provisions that expired at the end of 2013. These provisions create substantial tax savings for businesses and individuals and include the R&D Tax Credit, the Work Opportunity Tax Credit (WOTC), 15-year cost recovery for qualified property, bonus depreciation, incentives for businesses operating in empowerment zones, and §179D.
The perpetually temporary status of these incentives, collectively known as tax extenders, has long been the subject of debate, despite drawing bipartisan support. While they are typically renewed retroactively after expiring each year, the uncertainty regarding their extension makes tax planning difficult for individuals and businesses. H.R. 5771 was proposed in the wake of a larger bill that would have made some of the tax extenders permanent parts of the tax code. The tax incentives enumerated by H.R. 5771 would represent nearly $45 billion over the next ten years. (Source: http://www.politico.com/story/2014/12/tax-breaks-2014-house-vote-113231.html).
Tax law can be confusing and highly complex, particularly when provisions like the tax extenders are involved. Capital Review Group (CRG) offers expertise on several of the provisions addressed by H.R. 5771, such as the R&D Tax Credit, WOTC, and §179D. By making it our business to stay current on the latest developments in tax law, CRG can help your business optimize savings.