The US Senate approved the “Tax Extenders Bill” on 16 December, 2014. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval.
Dozens of temporary tax breaks, including big ones for business research, wind power and foreign profits that dealing with the so-called tax extenders might foul up the approaching tax-filing season. The Senate approved legislation sent from the House of Representatives that renews retroactively, back to Jan. 1, 2014, a 55-item package of tax breaks. Most of them expired at the end of 2013 and have since been in limbo.
The legislation will be sent to President Barack Obama for signing into law.
