Several dozen tax provisions remain unsettled as Congress returns home for the Thanksgiving holiday.
Iowa Republican U.S. Senator Chuck Grassley says the failure to act on the so-called “tax extenders,” which would continue certain tax measures for 2014 and possibly beyond, means the government may have to wait a little longer to collect Americans’ 2014 taxes.
“IRS needs to know by the end of November what the tax laws are,” says Grassley, “so they can print forms and people can file their income tax on time.” But Congress isn’t in session again until Monday, Dec. 1.
Grassley says resolving the extensions on tax measures that include depreciation for farm equipment and credits for renewable fuels can still get done before the end of the year.
“But it brings it up, really, to the edge where hopefully things happen,” Grassley says. He adds that uncertain tax policy is not good for the economy.
Grassley says House and Senate negotiators from both parties have been meeting to work out differences in the hope the two bodies can pass the same legislation when they reconvene, to avoid a further delay if two different bills have to be reconciled in conference committee. There are more than 50 tax provisions awaiting Congressional action.