Senator Wyden Releases Draft of Tax Extender Markup
Senator Ron Wyden, Chairman of the Senate Finance Committee, has released a draft of a proposed markup for a tax extenders bill that will be be put up for a markup and vote today, April 3rd. Notably, the proposal includes a three year extension and renewal (retroactive one year, and a two year extension until December 31, 2015) of WOTC and the Indian Employment Credit. In addition, the proposed bill includes an expansion of WOTC to include those who have exhausted long term unemployment insurance, as was previously proposed by Rep. Pascrell. Originally the markup did not include an extension of the Federal Empowerment Zone, but an amendment has been made to extend these zones for two year.
In the House, Rep. Dave Camp, Chairman of the House Ways and Means Committee, speaking of his own plans to hold hearing in April on what tax extenders to include in a companion House bill, said, “I have long believed that many expiring tax policies have broad bipartisan support and, sooner or later (usually later) get extended.” He continued that short and temporary extensions, as we have experienced in the past were not “the way to legislate”
Estimates peg the total cost of this extension at 67 billion dollars over the next ten years. Recall that WOTC is currently in legislative hiatus, and an extension and retroactive renewal of the program would go a long way to providing companies that hire with certainty in their tax and business planning.
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