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House to Vote Today on Two Tax Incentive Extenders

The House today will vote on making two temporary tax credits permanent. The bills would permanently extend an expensing allowance for small businesses (HR 4457) and the preferential treatment of built-in gains for S corporations (HR 4453). Both were approved on party lines in an April Ways and Means markup that saw Democrats voting against even those bills they had cosponsored in order to register opposition to the lack of budget offsets. The White House also cited the cost of making the breaks permanent in threats to veto the bills Tuesday, noting that making all of the extenders permanent would wipe out the revenues gained in the 2013 fiscal cliff deal. But the statement, which accused Republicans of holding a “double standard” on deficits and cost offsets, included a caveat: “The Administration supports making permanent expanded expensing for small businesses and offsetting the cost by closing tax loopholes.”

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