Known as "extenders," these 55 temporary laws have been in limbo since the end of 2013. That was when their last authorized extension ran out. Businesses have been clamoring for months for Congress to renew the laws retroactively.
The Senate Finance Committee approved a bill doing that in April, but it stalled and now lawmakers are under pressure to act fast. Here are the major components of the extenders:BUSINESS TAX BREAKS* R&D - Popular business tax breaks for costs of research and development. Crucial to software, drug and aerospace firms.* DEPRECIATION - Widely used business tax breaks allowing faster depreciation of many types of new capital and equipment investments, as well as an alternative minimum tax option.* ACTIVE FINANCING EXCEPTION, LOOK-THROUGH RULE - Loopholes that help multinational companies avoid U.S. taxes by sheltering foreign profits overseas and shifting profits from unit to unit.* ALTERNATIVE ENERGY - Tax breaks for wind power, plug-in vehicles, biofuel producers and properties, renewable diesel fuels, liquefied hydrogen and other green technologies.* RUM - Special deduction for Puerto Rican rum producers.* RACEHORSES - Depreciation tax break for racehorses.* NASCAR - Tax break for motorsports race tracks.* HOLLYWOOD - Tax break for film and television production.* RESTAURANTS - Tax break for restaurant improvements.* MINE SAFETY - Credit for mine rescue training and gear.* RAILROAD TRACKS - Credit for track maintenance costs.* NATIVE AMERICANS - Tax breaks for businesses on Indian reservations, coal mining and for hiring Native Americans. * LOW-INCOME HOUSING - Supports development of this housing.* WORK OPPORTUNITY - Credit for hiring veterans, the needy.* DIVIDENDS - Tax break for certain mutual funds and trusts.* SMALL BUSINESS STOCK - Tax break for gains from sales. INDIVIDUAL AND OTHER TAX BREAKS* COLLEGE COSTS - Deduction for tuition and expenses.* SCHOOL TEACHERS - Credit for teachers' supply costs.* COMMUTERS - Tax break for mass transit, parking costs.* MORTGAGES - Tax breaks for some canceled mortgage debt and for mortgage insurance premium costs for some taxpayers.* HEALTH INSURANCE - Credit for health insurance costs.* MILITARY - Income exclusion for service members' housing allowances and a tax break for hiring military reservists.* STATE AND LOCAL TAXES - Option to deduct sales tax paid to state and local governments instead of income tax paid. * LOW-INCOME COMMUNITIES - Tax breaks for empowerment zones meant to assist poor and distressed urban and rural communities, and for investing in low-income schools and communities. * SAMOA - A development credit for the U.S. territory.* DONATIONS - Tax breaks for contributions of property for conservation, for donating food inventories and for retirement plan distributions to charities.* ENERGY EFFICIENCY - Credits for energy efficient homes, appliances and commercial buildings. (Reporting by Kevin Drawbaugh; Editing by Howard Goller)
Factbox: From rum to racehorses, 'extender' tax breaks await Congress