Tax extenders, reform on deck for this summer

House Majority Leader Eric Cantor says there will be three tax extender bills to vote on this week. The Senate Finance Committee will also hold hearings later this summer on comprehensive tax reform. 

  • close
    House Majority Leader Eric Cantor speaks on Capitol Hill in Washington, Jan. 14, 2014. In his June policy memo to House Republicans, Cantor says there will be three tax extender bills to vote on this week.
    J. Scott Applewhite/AP/File
    View Caption
  • About video ads
    View Caption

This week: The House will vote on tax extenders. In his June policy memo to House Republicans, Majority Leader Eric Cantor notes that there will be votes on three tax extender bills this week. The bills would make permanent (1) small business expensing of up to $500,000 in qualifying equipment per year, adjusted for inflation after 2014, (2) the built-in gains recognition period for S corporations, and (3) rules regarding basis adjustments to the stock of S corporations making charitable contributions of property. The House Ways and Means Committee passed these on April 30.

Next week: an IRS-TPC Research Conference. “Advancing Tax Administration,” a day-long conference on Thursday, June 19, will explore taxpayer compliance costs and tax administration, innovative enforcement strategies, tax uncertainty and corporate compliance, and taxpayer behavior. If you’re not an IRS employee, register here. If you are, register by email to the NHQ Office of Research. The IRS email link and the link to the event’s live webcast are here.

And later this summer: Hearings to advance comprehensive tax reform. The Senate Finance Committee plans to hold hearings this summer on education incentives, identity theft and privacy protection, and modernizing corporate taxation.

Recommended: Taxes in 2014: 7 new rules and 9 wacky deductions

The Census Bureau’s annual survey of state government tax collections is out. It shows that revenues grew 6.1 percent between fiscal years 2012 and 2013. This marks the third consecutive year of revenue increase. In fiscal year 2013, states collected $846.2 billion. The two largest sources of revenue: Sales and gross receipts taxes at 46.4 percent, or $392.7 billion, and income taxes at 41.9 percent, or $354.7 billion. License, property, and other taxes make up the rest.

Idaho can’t yet reconcile its checkbook. Over 4,000 Idaho tax refund checks haven’t been cashed. The checks were written between July 2012 and June 2013, and expire on June 27. They total more than $1 million and will become unclaimed property if taxpayers don’t, as The Idaho Statesman reports, “get on it.”

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on

Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.