April 01, 2014

Senate Finance to address tax extenders bill Thursday

April 2, 2014 – Senate Finance Committee Chairman Ron Wyden, D-Ore., and Ranking Member Orrin Hatch, R-Utah, on Tuesday announced the committee will markup legislation on a set of provisions known as "tax extenders" on Thursday.

There are more than 50 deductions and credits that expired at the close of 2013. This bill, "Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act," includes tax breaks for mortgage insurance premiums, active financing and a tax break benefiting underwater homeowners who received principal forgiveness mortgage modifications.

"This bipartisan extenders package is the product of a Finance Committee that came together to provide needed certainty to the economy, protect jobs and maintain important priorities for working families," Wyden said in the committee's statement.

Wyden first announced his plans to address expired tax extenders as a "bridge to broader reform" in February. Chairman of the House Ways and Means Committee Dave Camp, R-Mich., who announced Monday that he will not run for reelection, has also announced plans to determine which tax extenders should be made permanent in a move toward broad tax reform.

NAFCU continues to hear from lawmakers that credit unions' exemption from federal corporate income tax is safe. Still, the association will keep a watchful eye on other changes that may have an impact on credit unions, including through action on the expired tax extenders that Wyden and Camp plan to address.