April 03,2014

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Finance Committee Approves EXPIRE Act with Strong Bipartisan Vote

WASHINGTON – Senate Finance Committee Chairman Ron Wyden, D-Ore., led the Finance Committee today to pass bipartisan legislation renewing a set of provisions known as “tax extenders” that have expired or will expire at the end of this year. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, was approved by bipartisan voice vote.

“By passing this bill, the Finance Committee has put an expiration date on the status quo,” Wyden said. “The stop and go nature of these tax extenders contributes to the lack of certainty and predictability America needs to create more family wage jobs. But it makes no sense to let these incentives disappear without a comprehensive reform proposal to replace them when jobs, innovation and research, and people’s homes are on the line.”

Wyden’s full statement is available here.

The package includes provisions that would benefit individuals, families, and small businesses, incentivize innovative research and development, and promote alternative and renewable energy initiatives, among others.

Details on the EXPIRE Act, including the full description of the bill, summary, JCT estimate and amendments can be found here. Additional information about the bill as passed with modifications and amendments will be available later today.