Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes (PATH) Act of 2015. The Act does considerably more than the typical tax extenders legislation seen in prior years. It makes permanent over 20 key tax provisions, including the research tax credit, enhancedCode Sec. 179 expensing and the American Opportunity Tax Credit. It also extends other provisions, including bonus depreciation, for five years; and revives many others for two years. In addition, many extenders have been enhanced; and numerous other provisions that impact tax administration, “family tax relief,” real estate investment trusts and more were made part of the final bill. Further, the Act imposes a two-year moratorium on the PPACA medical device excise tax. The House passed the Act on December 17 by a vote of 318 to 109; the Senate approved the Act along with a Fiscal Year 2016 omnibus spending measure on December 18 by a vote of 65 to 33. President Obama signed the legislation on December 18.
A new “Tax Briefing: Protecting Americans From Tax Hikes Act off 2015” is now available, designed to bring you up to speed, in summary style, on all tax provisions within this new law. For a review of this latest Tax Briefing, click here.