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Business Tax Breaks On Hold

Effort to extend dozens of expired tax breaks likely in limbo until after the election.

By Richard Rubin, Bloomberg | Updated on February 16, 2012

Business-backed efforts to extend dozens of expired U.S. tax breaks including those for corporate research, teachers’ out-of-pocket expenses and energy-efficient appliances probably won’t be considered until a post-election session of Congress, lawmakers and lobbyists said.

Lawmakers, including Senate Majority Leader Harry Reid and Senate Finance Chairman Max Baucus, tried to include some of the breaks in pending legislation to extend an expiring payroll tax cut. That effort didn’t succeed, and the intense politics surrounding U.S. tax policy may discourage lawmakers from acting until the end of 2012.

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