The Senate Finance Committee passed the Expiring
Provisions Improvement Reform and Efficiency Act (EXPIRE Act) on April 3,
2014. The legislation would renew through 2015 more than 50 tax
incentives that either have lapsed or will lapse at the end of 2014. The
EXPIRE Act is not yet scheduled for consideration by the full Senate. The
legislation includes a number of energy-related tax credits, including
extensions for the renewable electricity production tax credit (PTC) and the
new markets tax credit (NMTC). The legislation also modifies the bonus
depreciation rules under Section 168(k).
