James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Corporate tax break back in Senate package
Author: James F. McDonough
Date: April 18, 2014
Key Contacts
Back
The Senate tax committee approved a package of so-called tax extenders April 3, according to The Columbus Dispatch. The tax extenders are a collection of special-interest tax breaks that regularly expire and are extended, including breaks for wind energy, Hollywood, teachers, college tuition and more. About 50 temporary tax breaks were extended for two years retroactively after many of them expired at the end of last year, totaling approximately $85 billion in breaks.
Among the tax breaks was one used by large multinational companies to avoid U.S. corporate income tax on capital transfers between offshore units, called the look-through rule, Reuters reported. Two days ago, the committee’s Chairman Ron Wyden, D-Oregon, unveiled legislation to renew the extenders, leaving out the look-through rule. This has been interpreted as a political gesture to show his intention to reduce corporate tax breaks.
Lawmakers were already adding the look-through rule back into the legislation by the time the first meeting was underway, according to the news source.
Wyden has expressed his determination to end the extenders process as a part of a broad tax law overhaul, the Dispatch explained. He recognized, however, that this isn’t going to happen in the immediate future.
“Today, we’ve got to balance short-term needs with long-term goals,” Wyden said, according to the news source. Before the meeting, Wyden expressed that he was, “determined this will be the last extenders bill on my watch.”
The House Ways and Means Committee, which writes taxes, is set to vote on its own extenders package in the coming week, according to the news source. Tax breaks were also renewed for mortgage-insurance costs, railroad maintenance, bonus depreciation and corporate research and development.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Author: Ken Hollenbeck
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.