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 for qualified research expenses or a 14% alternative simplified credit Bonus depreciation - a 50% bonus depreciation to property acquired and placed in service during 2014 The 15-year...