On 3 December 2014, Bill H.R. 5771 was passed by the U.S. House of Representatives and now heads to the Senate. The bill, known as the Tax Increase Prevention Act of 2014, extends for one year over 70 tax provisions that expired either the end of 2013 or during 2014. Some of the key provisions related to business taxation that would be extended include:

• The R&D tax credit - a 20% credit fo…