Senate Finance Committee Chairman Ron Wyden (D-OR) led the Finance Committee yesterday to pass bi-partisan legislation renewing a set of provisions known as tax extenders that have expired or will expire at the end of this year. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency Act (EXPIRE) was approved by bi-partisan voice vote.

The package includes provisions to extend the WOTC program through December 31, 2015, providing for a retroactive renewal from January 1, 2014, and creates a new target group for workers who exhaust federal or state unemployment benefits. Employers would be eligible for a 40% credit on the first $6,000 of wages paid to each individual in the new target group, for a maximum credit of $2,400 per eligible employee.

The EXPIRE Act also includes similar two year renewals for Empowerment Zones, including an extension of the zone designations, as well as R & D, Indian Employment (EITC), and New Markets Tax Credits. Additionally, the New Markets Tax Credit would be modified to provide for a claw back of unused credits, which would then be used to finance a Manufacturing Communities Tax Credit, which would be allocated by community development financial institutions to community development entities for manufacturing investments in communities that have experienced a major job loss event.