Wyden Seeks Extension of Lapsed Tax Breaks

Photograph by Andrew Harrer/Bloomberg

Ronald “Ron” Wyden, a Democrat from Oregon, center, arrives to the U.S. Capitol to vote on the nomination of Janet Yellen as chairman of the U.S. Federal Reserve in Washington, D.C., on Jan. 6, 2014.

Ron Wyden, the new chairman of the Senate Finance Committee, is eyeing a committee vote this spring to extend lapsed tax breaks, says Lindsey Held, a committee spokeswoman.

The Oregon Democrat has made the lapsed breaks, such as the research and development tax credit and the production tax credit for renewable energy, his first priority since becoming chairman earlier this year. Wyden replaced Max Baucus, now the U.S. ambassador to China.

Held said in e-mail that Wyden is talking with Sen. Orrin Hatch of Utah, the panel’s top Republican. She said that no decisions have been made on which breaks would get retained and whether the committee would seek offsetting tax increases or spending cuts.

Wyden’s House counterpart, Republican Rep. Dave Camp of Michigan, proposed a revamp of the tax code this week. Camp is focused more on his long-term changes than the lapsed breaks.

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