With highway funding expected to run out by July 31st, both the House and Senate are anticipated to take up the proposed funding package by the end of this week, opting to enact another short-term extension rather than a longer-term funding solution. The anticipated extension would last through the end of the year.
In addition to the highway bill, Congress has expressed an interest to set the stage for a quick tax extenders renewal when they come back from the August recess. House Ways and Means Committee Chair Paul Ryan (R-WI) stated “we want to do this early” and expressed that the committee would like to avoid having the extensions take place in December—just as they did last year. He argues that a number of the incentives “work only if businesses have certainty to plan investment and other activities around those incentives over the long term.” This is also the reason why some committee members would like many of the extenders, such as the R&D Tax Credit, made as permanent fixtures of the tax code. In spite of this, finance committee member John Thune (R-SD) says he expects they will probably end up with another short-term extension.
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