(THE FISCAL TIMES) — And…they're back. The temporary tax breaks known as "tax extenders" that caused so much tension on Capitol Hill in late 2014 are returning to the legislative fore tomorrow, as the Senate Finance Committee prepares to mark up a bipartisan effort to reinstate them for two years.
A quick refresher: The tax extenders are an alphabet soup of special tax provisions, mostly targeted at business, that most members of Congress seem to believe ought to be made permanent, but which never are. These include things like mortgage insurance premium deductions on individual tax returns, businesses tax breaks for research and experimentation costs, and tax credits for energy efficient construction.
They also contain a number of highly targeted tax breaks that some find objectionable. There's a special allowance for Puerto Rican rum, a cut tailored specifically to the owners of NASCAR tracks, and possibly the most controversial, a cut for the mostly wealthy owners of racehorses.
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