December 20,2020

Wyden Statement on End-Of-Year Extenders Package

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released the following statement on the tax extenders package he negotiated with his counterparts on the Senate Finance and House Ways & Means Committees: 

“Our agreement addresses expiring tax provisions that are critical for families, small businesses and our clean energy future.

 “In terms of COVID relief, the agreement includes a version of my proposal to expand the Employee Retention Tax Credit, and ensures congressional intent is followed and small businesses are able to deduct expenses covered by the Paycheck Protection Program. I raised this issue with Secretary Mnuchin and introduced legislation to address it back in May, and getting this done will be a big relief for small businesses in Oregon and nationwide. We are working to finalize these provisions in the coming day. 

“The agreement extends and expands tax incentives for clean energy that have been critical in moving us toward a low-carbon economy. Importantly, breaks for solar and wind power have been preserved, and incentives for making buildings more energy efficient have been made permanent. Comprehensive reform of the energy provisions in the tax code is needed to kick our dependence on Big Oil, but we can’t risk backsliding when significant progress has been made on this front.

“In an important win for consumers, mortgage debt forgiveness will be exempt from tax for an additional five years. The agreement also extends for five years the New Markets and Work Opportunity Tax Credits to help spur investment in low-income communities and hiring of workers who have struggled to find good-paying jobs.

“In major wins for Oregon, tax incentives I developed for craft brewers, vintners and distillers are made permanent, and the low-income housing tax credit is expanded to help our state recover from this year’s catastrophic wildfires. I’ve seen firsthand how incentives for craft beverage producers have helped Oregon small businesses grow, hire and provide new benefits to their workers. Extending these breaks is especially important given how hard the pandemic has hit these small businesses. In terms of housing, thousands of Oregonians’ homes were destroyed in this year’s fires, and increasing subsidies for affordable housing is an important piece of the puzzle as we rebuild.”