In a rare show of bipartisanship, the two leaders of the Senate Finance Committee have filed critical legislation to renew dozens of expired tax breaks. The tax provisions that Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking member Ron Wyden (D-OR) seek to renew expired at the end of 2017 in most cases while a handful of others expired at the end of 2018. Among some of the issues of import to many of our subscribers is the bonus depreciation allowance (15 years versus the current 39.5 years), accelerated depreciation deductions on qualifying equipment under Section 179 as well as deferral of capital gains tax on the sale of qualified assets sold and replaced. The bigger challenge for resolution of the tax extenders issue is to be resolved in the US House, however.