• Permanently extend a phase-out of the personal exemption and limit the availability of itemized deductions for individuals with annual incomes above $250,000 and couples with incomes above $300,000. These are commonly known as PEP, for personal exemption phase-out, and Pease for the late former Rep. Don J. Pease, an Ohio Democrat who helped write the itemized deductions limit.
• Extend for one year the 50 percent bonus depreciation allowing businesses to write off the entire cost of major purchases in the year they are made rather than depreciate those expenses over many years.
• Retroactively renew a package of one- or two-year reauthorizations of tax “extenders,” which range from a credit for business research and development expenses to a state and local sales tax deduction that the Senate Finance Committee adopted in August (S 3521) with bipartisan support.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.