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House extends Extenders

December 10, 2009

The House of Representatives approved the extension of 45 "expiring" provisions for 2010. These provisions include tax breaks ranging from the Research Credit to seven-year depreciation for "qualified motor sports facilities."

One tax scholar says temporary provisions like this are a good idea because they allegedly make Congress reconsider them every year. Unfortunately for that theory, Charlie Rangel was just too darned busy this year to take a hard look at any of them, so they all just passed them all for another year. Worse, the House bill has a permanent tax increase on hedge funds and private equity funds to "pay for" a temporary extension of tax goodies. Because Nascar is more important for economic recovery than private equity.

The bill still has to clear the Senate; while it will take awhile, it's likely to happen.

The TaxProf has a roundup. More from Kay Bell and TaxGrrrl.

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