{
  "id": "R46271",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R46271",
  "active": true,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 619731,
      "date": "2020-03-13",
      "retrieved": "2020-03-15T19:15:07.730410",
      "title": "Business Tax Provisions Expiring in 2020, 2021, and 2022 (\u201cTax Extenders\u201d)",
      "summary": "Thirteen temporary business tax provisions are scheduled to expire at the end of 2020. Four other temporary business tax provisions are scheduled to expire in 2021 or 2022. In the past, Congress has regularly acted to extend expired or expiring temporary tax provisions. Collectively, these temporary tax provisions are often referred to as \u201ctax extenders.\u201d \nThis report briefly summarizes and discusses the economic impact of the 17 business-related tax provisions that are scheduled to expire in 2020, 2021, or 2022. The provisions discussed in this report are listed below, grouped by type and scheduled year of expiration.\nThe following special business investment (cost recovery) provisions are scheduled to expire in 2020:\nspecial expensing rules for certain film, television, and live theatrical productions;\nseven-year recovery period for motorsports entertainment complexes;\t\nthree-year depreciation for race horses two years or younger; and\t\naccelerated depreciation for business property on an Indian reservation.\t\nThe following economic development provisions are scheduled to expire in 2020: \nempowerment zone tax incentives; \nAmerican Samoa economic development credit; and\t\nnew markets tax credit.\nThe following other business-related provisions are scheduled to expire in 2020:\nIndian employment tax credit;\nmine rescue team training credit;\nemployer tax credit for paid family and medical leave;\nwork opportunity tax credit;\nlook-through treatment of payments between related controlled foreign corporations; and\nprovisions modifying excise taxes on wine, beer, and distilled spirits.\nThe following provisions are scheduled to expire in 2021 or 2022: \n12.5% increase in low-income housing tax credit (LIHTC) authority;\ncomputation of adjusted taxable income without regard to any deduction allowable for depreciation, amortization, or depletion;\nthe rum cover over; and\ncredit for certain expenditures for maintaining railroad tracks.\nThe 13 temporary business-related tax provisions scheduled to expire at the end of 2020 were most recently extended by the Further Consolidated Appropriations Act of 2020 (P.L. 116-94). Of these 13 provisions, 8 had expired in 2017 and were extended retroactively and 5 were scheduled to expire in 2019. Past tax extenders legislation had extended 11 of these 13 provisions. The other two provisions, both of which were scheduled to expire in 2019, were added to the tax code as part of the 2017 tax revision (P.L. 115-97). Four other business-related provisions will expire in 2021 or 2022.\nThis report does not include provisions that in the past have been classified as individual or energy-related. See CRS Report R46243, Individual Tax Provisions (\u201cTax Extenders\u201d) Expiring in 2020: In Brief, coordinated by Molly F. Sherlock; and CRS Report R44990, Energy Tax Provisions That Expired in 2017 (\u201cTax Extenders\u201d), by Molly F. Sherlock, Donald J. Marples, and Margot L. Crandall-Hollick. For a general overview of tax extenders, see CRS Report R45347, Tax Provisions That Expired in 2017 (\u201cTax Extenders\u201d), by Molly F. Sherlock.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": true,
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      "topics": []
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  ],
  "topics": [
    "Appropriations",
    "Economic Policy"
  ]
}