President Signs Extenders and Omnibus Acts, Impacting Broad Range of Provisions
Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). President Obama signed the Act and a FY 2016 omnibus on December 18.
The Act includes provisions for both individuals and businesses, and 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, enhanced Code 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. Further, the Act imposes a two-year moratorium on the ACA medical device excise tax.
Click here for more complete details on this tax extender package.
Looking for more information on year-end tax planning and how these extensions affect you as a business and/or an individual? Contact Marty Williams, CPA by calling (334) 887-7022 or by leaving us a message below.
