U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, filed several amendments during today’s mark-up of a two-year tax extenders package, which is similar to the Expiring Provisions Improvement Reform and Efficiency Act that the committee considered last year. Thune’s amendments would have made permanent a number of tax relief measures already adopted by the House of Representatives this year, such as the itemized deduction for state and local sales taxes, as well as the higher equipment expensing limits for small businesses. Due to germaneness requirements, amendments that would extend provisions beyond the two-year window prescribed in the mark, including amendments to make certain provisions permanent, were ruled non-germane.
“I support this legislation to ensure that American families and businesses do not find themselves facing a higher tax bill come tax season,” said Thune. “However, I believe we can do better than simply preventing a tax increase in the short term. American taxpayers deserve the certainty and predictability that only comes from making tax relief permanent, something I intend to continue to pursue on their behalf.
“It is my hope that the full Senate will soon consider this tax extenders package, thus providing an opportunity to advance much-needed permanent tax relief for American families and small businesses. While my amendments were not adopted due to the germaneness requirements in committee, they will continue to be a part of the conversation as Congress works toward comprehensive, pro-growth tax reform.”
Thune filed the following amendments to the chairman’s mark:
- House-passed tax extender permanency bills: This amendment would adopt all House-passed bills making extender items permanent, including the state and local sales tax deduction, the higher small business expensing limits, and the research tax credit. These measures would provide approximately $315 billion in tax relief over the next 10 years.
- America Gives More Act: This amendment would provide roughly $14 billion in tax relief by making permanent several tax provisions that encourage charitable giving, including the enhanced deduction for food inventory, IRA charitable rollover, special rules for donation of conservation easements, and simplification of the existing foundation excise tax.
- Internet Tax Freedom Act (permanent and five-year extension filed as separate amendments): These amendments would extend the soon-to-expire moratorium preventing state and local jurisdictions from imposing new taxes on the Internet and multiple and discriminatory taxes on e-commerce.
- Charitable Agricultural Research Act: This amendment would amend the tax code to allow for the creation of new tax-exempt agricultural research organizations, which are similar to medical research organizations that have been successfully supporting innovation in medical sciences since the 1950s.
- Digital Goods and Services Tax Fairness Act: This amendment would prevent discriminatory and duplicative taxes on digital goods and services, including online downloads of music, literature, movies, mobile apps, and cloud computing services.
Click here to watch Thune’s remarks at today’s Senate Finance Committee mark-up.