New Senate Bill Proposes Retroactive Tax Breaks

This week a new bill in the Senate was introduced entitled  Tax Extender and Disaster Relief Act of 2019 which has one Republican and one Democrat as sponsors.

If passed, a number of tax breaks that expired in 2017 would be extended which would case a flurry of amended returns.

Among the breaks: mortgage insurance premiums, home energy credits, principal residence indebtedness and more

To follow the bill use this link: Tax Extender Bill Congress.gov

To see the summary of the bill: Summary of Extenders Bill

Will this pass? Even though this is a bipartisan Senate bill, the House may be too busy with their partisan drama to pay attention 🙂

 

2 thoughts on “New Senate Bill Proposes Retroactive Tax Breaks

  1. Partisan House drama is called “long overdue oversight” that was conveniently called partisan “cover ups”. Give it a rest with the sarcasm . You are supposed to be a business professional.

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    • That may be the angle some see, but when it comes to tax policy as a business professional, the mentality over the last decade is that the neither party will vote on something started by the other party. That uncertainty does nothing for the stability of the tax code and prevents taxpayers and their advisers from planning for the future. The Senate bill is a refreshing digression from that in that the co-sponsors are from different parties.

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