Congress (finally) passes tax extender package

On Tuesday, December 16th, the Senate at long last passed H.R. 5771, by a vote of 76 to 16.

The legislation includes the “Tax Increase Prevention Act of 2014” (TIPA), which was passed by the House on December 4th by a vote of 378 to 46 – TIPA extends through 2014 over fifty currently expired “extender” provisions, including the increased Section 179 provisions and the 50% bonus depreciation deduction.

The tax package also includes H.R. 647, the “Achieving a Better Life Experience (ABLE) Act of 2014,” which was passed by the House on December 4th, by a vote of 404 to 17. ABLE establishes a new type of tax-advantaged savings program for individuals with disabilities. The bill will be sent on to the President for his signature – it is expected that the tax provisions will be quickly signed into law. 

Obviously, this comes as a huge relief to many businesses and taxpayers.  However, the next step will be to wait and see how quickly the States retroactively adopt these provisions.  As always, Burch Oxner Seale Co. stands ready to assist our clients in navigating the complexities of both the Federal and State Tax Codes.  If you have any questions, or if we can be of any assistance, please do not hesitate to contact us at your earliest convenience.