Following the recent action by the U.S. House of Representatives, the Senate on Tuesday evening passed the package of tax incentives for 2014 that will expire once again in just two weeks.

Noting the short term nature of the legislation, Senate Finance Committee Chairman Ron Wyden said, “With this tax bill, the Congress is turning in its tax homework 11 months late…The legislation accomplishes nothing for 2015.”

But farmers and ranchers are happy about it for now since the package includes items such as section 179 expensing and bonus depreciation important for buying farm equipment. “Today’s passage of the tax extenders bill is a welcome relief to farmers as we close our books on 2014,” said American Soybean Association president Wade Cowan of Texas.

Cowan notes that the package also includes language from the House’s Achieving a Better Life Experience (ABLE) Act with a provision to increase the barge fuel fee by nine cents a gallon to fund needed waterways infrastructure projects. The fee, which is supported by those in the waterways industry, dedicates funds to new waterways infrastructure construction and major rehabilitation of the inland waterways system through the Inland Waterways Trust Fund.

The bill now goes to the president who is expected to sign it.