Congressional leaders have reached an agreement on a tax extenders package that would renew over 30 tax breaks for businesses and individuals. The bill would extend tax breaks for a wide range of industries, including renewable energy, motorsports, and craft breweries.
The tax extender package is a collection of temporary tax breaks that are typically passed by Congress on a yearly basis. These tax breaks are meant to encourage certain industries and behaviors, such as the use of renewable energy and the hiring of military veterans.
The agreement would make several tax breaks permanent, including the Research and Development Tax Credit and the Section 179 Small Business Expensing Provision.
Additionally, the deal would extend tax breaks for renewable energy sources, such as wind and solar power, and provide tax relief for regions affected by natural disasters.
The tax extenders deal has received support from both Democrats and Republicans, and is expected to be included in a larger spending bill that Congress will vote on in the coming weeks. The package is seen as a rare moment of bipartisan cooperation in an otherwise divided Congress.
In conclusion, the tax extenders package is a significant victory for businesses and individuals who rely on these temporary tax breaks. The agreement provides certainty and stability for these industries, and encourages important behaviors such as the use of renewable energy and the hiring of military veterans. Overall, this agreement demonstrates that bipartisan cooperation is still possible in Congress, and that lawmakers are capable of coming together to support policies that benefit all Americans.