LEGISLATION NEWS: Senate Passes Tax Increase Prevention Act of 2014

On Tuesday, December 16,2014 the Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014.  The Tax Increase Prevention Act of 2014 was passed by a vote of 76-16.  What does this mean for you?

This act temporarily extends several expired individual, business and energy tax breaks, as well as certain provisions relating to multiemployer defined benefit plans.  The tax breaks will benefit big corporations, small businesses, as well as homeowners struggling to maintain mortgages and people who live in states without a state income tax.

The bill also contains various offsets designed to pay for anticipated revenue loss from the creation of ABLE accounts.  The bill offers extensions to several tax incentives for individuals, businesses, energy tax incentives, pension plan provisions and inflation-adjusted civil penalties.

To find out more and to read the entire article, please visit www.journalofaccountancy.com.  Feel free to also contact one of our tax team members today!