Tax extenders, reform on deck for this summer
This week: The House will vote on tax extenders.聽滨苍听聽to House Republicans, Majority Leader Eric Cantor notes that there will be votes on three tax extender bills this week. The bills would make permanent (1) small business expensing of up to $500,000 in qualifying equipment per year, adjusted for inflation after 2014, (2) the built-in gains recognition period for S corporations, and (3) rules regarding basis adjustments to the stock of S corporations making charitable contributions of property. The House Ways and Means Committee passed these on April 30.
Next week: an IRS-TPC Research Conference.聽鈥淎dvancing Tax Administration,鈥� a day-long conference on Thursday, June 19,聽聽taxpayer compliance costs and tax administration, innovative enforcement strategies, tax uncertainty and corporate compliance, and taxpayer behavior. If you鈥檙e not an IRS employee,聽. If you are, register by email to the NHQ Office of Research. The IRS email link and the link to the event鈥檚 live聽.
And later this summer: Hearings to advance comprehensive tax reform.聽The Senate Finance Committee plans to hold聽聽on education incentives, identity theft and privacy protection, and modernizing corporate taxation.
The Census Bureau鈥檚 annual survey of state government tax collections is out.听滨迟听聽grew 6.1 percent between fiscal years 2012 and 2013. This marks the third consecutive year of revenue increase. In fiscal year 2013, states collected $846.2 billion. The two largest sources of revenue: Sales and gross receipts taxes at 46.4 percent, or $392.7 billion, and income taxes at 41.9 percent, or $354.7 billion. License, property, and other taxes make up the rest.
Idaho can鈥檛 yet reconcile its checkbook.聽Over 4,000 Idaho tax refund checks haven鈥檛 been cashed. The checks were written between July 2012 and June 2013, and expire on June 27. They total more than $1 million and will become unclaimed property if taxpayers don鈥檛, as聽The Idaho Statesman听谤别辫辞谤迟蝉,听
