The Internal Revenue Service building is seen in Washington. House Republicans are moving to pass a one-year extension of temporary tax breaks affecting millions of businesses and individuals. Most of the more than 50 tax breaks expired at the end of 2013, so the extension would only run through the end of the month. However, it would allow taxpayers to claim the tax breaks when they file their 2014 tax returns.WASHINGTON – House Republicans are moving to pass a one-year extension of temporary tax breaks affecting millions of businesses and individuals.
Most of the more than 50 tax breaks expired at the end of 2013, so the extension would only run through the end of the month. However, it would allow taxpayers to claim the tax breaks when they file their 2014 tax returns.
The tax breaks benefit big corporations and small businesses, as well as commuters, teachers and people who live in states without a state income tax. In all, they affect about one in six taxpayers, according to The Tax Institute, the independent research arm at tax giant H&R Block.
Senate Democrats and House Republicans were negotiating to make some of the tax breaks permanent. But talks faltered last week after the White House threatened to veto an emerging package, saying it too heavily favored big corporations over families.
White House spokesman Josh Earnest expressed concerns about a one-year extension, but stopped short of issuing a new veto threat.