On July 21, the US Senate Finance Committee amended and passed a tax extenders package by a vote of 23-3 with support from Ranking member and Oregon Senator Ron Wyden (D). Of interest to the higher education community, the bill, among extends the above the line deduction for qualified tuition and expenses, the research tax deduction, and the IRA charitable rollover through the end of 2016.
While this measure passed the Senate Finance Committee easily, its path forward remains unclear. House Ways and Means Committee Chair Paul Ryan (R-WI-1) has stated that his committee will take up tax extenders in the fall. Chairman Ryan has been adamant about addressing the shortfalls prior to December to ensure certainty for business and taxpayers.