The Senate Finance Committee announced last week it will markup tax extenders legislation – to include bonus depreciation and Section 179 provisions – on Tuesday, July 21.
Committee Chairman Orrin Hatch, R-Utah, and Ranking Member Ron Wyden, D-Ore., said the package includes provisions to assist small businesses and incentivize innovative research and development.
Hatch said it is the first time in 20 years where a new Congress has started with extenders legislation having already expired.
"This markup will give the Committee a timely opportunity to act on extending a number of expired provisions in the tax code that help families, individuals and small businesses," Hatch said. "These provisions are meant to be incentives, we need to advance a package as soon as possible."
Wyden said the committee's focus will be on tax extenders in order to "provide greater certainty and predictability for middle class families and businesses alike." Though indicating action was needed on the extenders, Wyden also focused on broader reform in a press statement last week.
"It's critical we all recognize and take action to end this stop and go approach to tax policy through extenders," he said.
A previous update from the Committee's House counterpart also pledged faster action on the tax extenders, including Section 179. House Ways and Means Committee Chairman Rep. Paul Ryan, R-Wis., said businesses bear the brunt of ineffective tax code and advocated bills already passed by the committee that would make higher Section 179 expensing levels permanent and repeal the estate tax.