The renewal of more than 50 tax extenders, representing more than $85 billion in tax savings, has been delayed, probably until after the mid-term elections in November. Congress was unable to come to an agreement on whether or not to allow amendments to be added, and the EXPIRE bill to renew the extenders was halted in mid-May.

The bill would extend some 55 tax provisions covering homeownership, charitable giving, education, business research, depreciation, energy and corporate taxation, and international taxation of businesses. Although it is widely expected that most - if not all - of the tax extenders will eventually be renewed, there is no guarantee. This leaves tax planning in a precarious position. Key decisions must be made without clear direction on whether or not a tax credit will be available by the end of the year.