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Senate votes to extend tax breaks through December

2 years 5 months 1 week ago December 16, 2014 Dec 16, 2014 Tuesday, December 16 2014 December 16, 2014 6:30 PM in News
Source: Associated Press

WASHINGTON - The Senate has passed a last-minute bill extending a massive package of temporary tax breaks through the end of year.

The bill would enable millions of businesses and individuals to claim the tax breaks on their 2014 tax returns. Beyond this year, their fate is uncertain.

The bill now goes to President Barack Obama, who is expected to sign it.

The 54 tax breaks benefit big corporations and small businesses, as well as struggling homeowners and people who live in states without a state income tax. More narrow provisions include tax breaks for filmmakers, racehorse owners and rum producers in Puerto Rico and the Virgin Islands.

In all, the package would add nearly $42 billion to the budget deficit over the next decade.

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