Wednesday, December 17, 2014

Congress passes tax extender package & President signs Appropriation bill with tax provisions

Late Tuesday, December 16, the Senate, by a vote of 76 to 16, passed the tax package, H.R. 5771. This legislation includes the "Tax Increase Prevention Act of 2014" (TIPA), which was passed by the House on Dec. 3 by a vote of 378 to 46 and which extends through 2014 over fifty currently expired "extender" provisions. This tax package also includes H.R. 647, the "Achieving a Better Life Experience (ABLE) Act of 2014," which was passed by the House on Dec. 3, by a vote of 404 to 17, and which establishes a new type of tax-advantaged savings program for individuals with disabilities and makes a number of other non-extender tax changes.

The bill will be sent to the President for his signature. It is expected that these tax provisions will be quickly signed into law.

On December 16, the President signed into law H.R.83, the "Consolidated and Further Appropriations Act, 2015," which the Senate had previously passed on December 13 and the House had passed on December 11. This Act includes a number of multiemployer pension reform provisions, as well as an exclusion from provisions of the Affordable Care Act for expatriate health plans.

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