Daily Tax Update - May 9, 2014: House Passes Permanent R&D Tax Credit Bill

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A  PERIODIC BASIS UNTIL CONGRESS RETURNS MAY 19TH

HOUSE PASSES PERMANENT R&D TAX CREDIT BILL:  Today, by a vote of 274-131, the House passed H.R. 4438, the "American Research and Competitiveness Act of 2014."  The bill would cost $156 billion over 10 years and is not offset.

Ways and Means Committee Chairman Dave Camp (R-MI) issued the following statement: “Short-term tax policies aren’t helping businesses hire new workers or grow the economy.  It is time for some permanency and stability in the tax code.  Let’s be honest with the American people and the businesses and workers who rely on this credit – it is here to stay.  The R&D credit has broad bipartisan support and the Senate should take up this bill that actually strengthens the economy and helps hardworking taxpayers.”

MISCELLANEOUS GUIDANCE RELEASED:
Notice 2014-34 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates.

Revenue Procedure 2014-32 establishes a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500 EZ.

Notice 2014-35 applies administrative relief  to late filers of Form 5500 who satisfy the requirements of this notice and the Delinquent Filer Voluntary Compliance (“DFVC”) Program administered by the Department of Labor (“DOL”) Employee Benefits Security Administration.