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Fate of tax extenders package still uncertain

The question of whether of Congress will consider a tax extenders package when it returns for the lame duck session in November is still up in the air.

Iowa Republican Senator Chuck Grassley says he supports the package. But Grassley admits if Republicans win control of the Senate in November, action on the tax extenders package before the end of the year appears a little less likely.

“It’s a little more doubtful than if the Democrats control the Senate,” Grassley says. “But I’m going to be a proponent of getting it out of the way.”

Colin Woodall of the National Cattlemen’s Beef Association says passage of those tax extenders is important to cattlemen.

“Specifically the Section 179 expensing for equipment purchases and also bonus depreciation,” Woodall says. “We have producers that have put off major purchasing decisions or management decisions because they don’t know what the tax liability is going to be.  And until Congress gets this done, it’s going to be hard for people to plan as we go into 2015.”

The IRS has warned Congress that decisions about renewing those tax provisions must be made by late November or next year’s tax-filing season could be seriously disrupted.