The tax-writing House Ways and Means Committee plans to hold votes Thursday on several Republican-sponsored bills that would make five temporary tax breaks into permanent parts of the Tax Code.
H.R. 2940, the Educator Tax Relief Act of 2015, sponsored by Rep. Dave Reichert, R-Wash., would make permanent the above-the-line deduction for classroom expenses of schoolteachers.
H.R. 765, the Restaurant and Retail Jobs and Growth Act, sponsored by Rep. Mike Kelly, R-Pa., would make permanent the 15-year depreciation schedule for leasehold improvements, restaurant improvements and new construction, and retail improvements. H.R. 2510, a bill to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, sponsored by Rep. Pat Tiberi, R-Ohio, would make 50-percent bonus depreciation permanent. H.R. 961, a bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income, also sponsored by Tiberi, would benefit U.S.-based multinational companies, allowing them to lower their taxes. H.R. 1430, the Permanent CFC Look-Through Act of 2015, sponsored by Rep. Charles Boustany, R-La., would also benefit U.S.-based multinationals that use controlled foreign corporations.