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Market Watch | Here are the tax breaks in danger if Congress doesn’t act
The year is quickly winding down for the current Congress. And unless lawmakers hurry, the Senate won’t pass a House-approved bill that would renew 56 expired tax breaks for individuals and businesses. The House passed its bill — which would renew the breaks for the 2014 tax year — on Dec. 3. At stake are deductions for state and local sales taxes; a credit for business research and development; and incentives for biodiesel fuel, among other breaks.
