December 20, 2017 Tax 'extenders' bill filed in Senate Bill includes modifications to tax incentives for nuclear facilities, carbon sequestration On December 20, 2017, Senate Finance Committee Chairman Orrin Hatch (R-UT) filed a bill that renews a series of expiring tax provisions known as the tax extenders. A PDF of the bill (S. 2256, 47 pages) is attached with this Alert. The cosponsors on the bill are Sens. Charles Grassley (R-IA), Mike Crapo (R-ID), Pat Roberts (R-KS), John Thune (R-SD) and Johnny Isakson (R-GA). For many of the provisions identified in the Joint Committee on Taxation's (JCT) list of tax provisions that expired at the end of calendar year 2016, S. 2256 would provide a two-year extension comprising one year retroactively and one year going forward. For other, so-called "orphan" provisions left out of the 2015 PATH Act, the bill would provide an extension and phaseout (see Title III, Section 302 of the bill). Title IV of the legislation includes language modifying two energy tax incentives: the carbon dioxide sequestration credit and the credit for production from advanced nuclear power facilities. While the tax extenders bill has not yet been designated to be included in a continuing resolution for FY 2017 spending that must be passed by midnight on Friday (December 22) to avoid a government shutdown, such a scenario is possible, and today's action was a prerequisite to have the legislation available to be attached to end-of-year vehicles that will be processed quickly in the House and Senate this week. "Chairman Hatch's extenders package would provide extensions to those that expired at the end of 2016," a Senate Finance spokesperson told BNA. "Extending these provisions would help families, individuals and small businesses in Utah and across the country, and the chairman is committed to working with members to address the expiring extenders in short order." ———————————————
——————————————— Extenders bill
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