Appropriations, Tax Extenders Update
Congress enters its final week of legislative session on July 28 before entering a month-long recess August 1. While key votes have been taken in recent weeks to approve multiple appropriations bills and to extend important tax provisions, it appears unlikely that further Congressional action will occur this summer.
This week, Congressional leaders announced intent to pass a short term funding bill, known as a continuing resolution (CR), through mid-November, to keep the federal government operational into fiscal year 2015 (FY15). The FY15 Agriculture Appropriations bill has not been considered on the floor of either chamber. The House voted last week to permanently extend important charitable and conservation tax incentives, including the Enhanced Conservation Easement Deduction, however it is unlikely the Senate will consider tax extenders until November.