Tax breaks expiring at end of year

Published on NewsOK Modified: December 31, 2013 at 2:06 am •  Published: December 31, 2013
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Fifty-five temporary tax breaks are expiring at the end of the year. Among the big ones:

—A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical makers and high tech companies. The tax break saved companies an estimated $6.2 billion in 2013.

—An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. The tax break is important to major multinational banks and financial firms, saving them an estimated $9.4 billion in 2013.

—A tax break that allows profitable companies to write off large capital expenditures immediately — rather than over time — giving some companies huge tax shelters. The tax break, known as bonus depreciation, benefits automakers, utilities and heavy equipment makers. Tax break: $34 billion in 2013, though companies lose future savings because they would have already written off the cost of items.

—A tax credit for producing renewable energy, including wind and solar, in plants built before the end of 2013. Tax break: $116 million in 2013, though the savings would grow over time, saving companies more than $12 billion over the next decade as the plants continue to produce energy.

—A provision that allows restaurants and retail stores to more quickly write off the cost of improvements. Tax break: $277 million in 2013.



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