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U.S. tax breaks in limbo as Republicans block Senate measure
Richard Rubin//May 16, 2014//
U.S. Senate Republicans blocked a package of more than $80 billion in tax cuts, killing for now a measure that would provide incentives for corporate research and wind energy.
Thursday’s vote on advancing the bill was 53-40, short of the 60 needed to move forward.
The bill would revive more than 50 tax breaks that lapsed Dec. 31 and extend them through 2015. They include the research and development tax credit, the production tax credit for wind energy and a provision that lets companies such as Citigroup Inc. and Caterpillar Inc. defer U.S. taxes on overseas financing operations.
The bill would add about $84 billion to the U.S. budget deficit over the next decade.
Though Republicans support many of the bill’s provisions, they object to Democrats’ reluctance to let them offer and vote on amendments.
The bill is S. 2260. Democrats want to add it to H.R. 3474.
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