On Tuesday, Dec. 17, the U.S. House of Representatives approved tax extenders legislation in a vote of 318 to 109.

The bill, entitled “Protecting Americans from Tax Hikes Act of 2015,” is now headed to the Senate.

The bill includes important tax provisions, including:

• Maintaining and increasing Section 179 deductions for business expenses
• Extending and “phasing down” of bonus depreciation (extended through 2019)
• Continuing R&D Credit for businesses, enhanced for businesses with less than $50 million in gross receipts
• Suspending ACA-related “Cadillac” tax and 2.3 percent tax on medical devices
• Making permanent the enhanced child tax credit

Read the full bill by clicking here.

Whalen & Company is monitoring movement of this legislation, and we will notify our clients as this bill progresses.

More Information:

• “Congress Makes Some Tax Extenders Permanent” – Accounting Today
• Tax Act Summary
• Full Tax Act Bill

• Category: Client Alerts
• Tag: 2016 tax extenders, tax extenders, tax extenders update, tax provision legislation