As 2013 comes to a close, so will dozens of tax breaks that save companies billions of dollars in tax liability.
In years past, the breaks have expired only to be restored in the months to come.
“It's a totally ridiculous way to run our tax system,” Rachelle Bernstein, vice president of the
Some of the tax breaks are big, including billions in credits for research and development, generous exemptions for banks that operate overseas and several that allow businesses to write off capital investments faster.
"It's not fair, it's very hard, it's very difficult for a business person, a company, to plan, not just for the short term but to do long-term planning," Lewis said. "It's shameful."
With Congress on vacation until January, there is no chance the tax breaks will be renewed before they expire. And there is plenty of precedent for Congress to let them expire for months without addressing them. Most recently, they expired at the end of 2011, and Congress didn't renew them for the entire year, waiting until
But Congress only renewed the package through the end of 2013.