GOP Remains Hopeful That the Bill Extending Profitable Tax Breaks Will Pass
It has been more than two and a half months since the GOP Chairman and House Republicans unveiled their tax plan that intends to extend significant tax incentives through the end of 2018.
Despite no movement being made before the end of the year, bipartisan discussions are still actively being held behind the scenes of Washington D.C., indicating that an update or decision on the matter will happen soon.
The end of year tax package, which was released by House Ways and Means Committee Chairman Kevin Brady (R-Texas) on November 26th, 2018, would have an impact on all taxpayers, including those who are able to take advantage of the 179D Energy Efficient Tax Deduction, and the 45L Energy Efficient Home Credit by extending tax incentives through the end of 2018. The tax package would also make adjustments to the Tax Acts and Jobs Act, as well as look to revamp the IRS.
Our tax experts at National Tax Group are actively monitoring the proposed GOP tax plan and will bring you updates as they become available. We are confident that the bill will pass and we can begin reaping the benefits soon.
Read the full proposed bill on the United States Government Website here.