Congress Fails to Extend Expiring Tax Provisions
Washington--Members of Congress left Washington, D.C., without extending more than five dozen tax provisions for both individuals and businesses worth roughly $55 billion that will expire at the end of 2011. It is uncertain whether or not Congress will vote to extend the tax provisions retroactively when it returns next year. Farm Bureau supports several tax provisions that are set to expire at the end of the year. This includes provisions on renewable fuels, the Alternative Minimum Tax, bonus depreciation, Section 179 small business expensing, the deduction self-employed individuals may take against self-employment taxes paid and reinstatement of five-year depreciation of farm equipment. Learn more by reading AFBF backgrounders posted online.