November Mid-Term Elections – WOTC
As you may know, today, November 4, 2014, is voting day. In this election cycle all 435 seats in the United States House of Representatives, and 33 of the 100 seats in the United States Senate are being decided. After these elections, Congress will return to Capitol Hill and set about nominating and confirming committee assignments, choosing office locations, and setting agendas. The immediate period after the election and before the new congress assumes their offices is called a “Lame Duck Session.” As WOTC, and the overall “Tax Extenders” are currently in hiatus, there is an obvious need for Congress to quickly and expeditiously take up the matter of the extension of these important provisions.
Recall that earlier in the year, the Expire Act measure to extend many of the tax expired tax extenders – including WOTC, IEC and FEZ – was marked up and passed easily through the important Senate Finance Committee. It did not, however, make it to the Senate floor for a vote, and was not considered – in its totality – in the House. However, House Majority Leader Kevin McCarthy recently expressed that he would like to address – and renew – the expired components of the “extenders” during the lame duck session. It is unclear if Mr. McCarthy will use the framework of the Expire Act to do so, or if another method will be leveraged.
While in the past, Rep. Aaron Schock (and others) asked for a permanent renewal of WOTC and other tax credits, the Expire Act includes only a two year extension thereof.
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