The House is expected to vote this week on short-term legislation to retroactively renew a package of expired tax breaks for one year (2014). The vote could occur as early as Wednesday. This follows the collapse last week of an agreement reached between House and Senate leaders that would have made some expiring provisions permanent while temporarily extending others. The deal breaker was a veto threat issued by the White House.
While a one-year bill would allow farmers and ranchers to take deductions when they file their 2014 taxes, it would not provide the certainty they need to manage their business. It will also alter the agenda of the new Republican Congress, which will have to devote time starting in January to another extender bill instead of other announced priorities.