The Senate on March 17 passed a version of H.R. 4721—a bill to extend the authorization of Federal Aviation Administration (FAA) programs—that differs from the version of the bill passed by the House earlier this week.
Current authorization of the FAA-related programs and taxes is scheduled to expire March 31, 2016.
The version of the bill passed by the Senate would extend FAA program authorization through July 15, 2016, and would extend through July 15, 2016, certain taxes and tax rates that are dedicated to the airport and airway trust fund.
The version of the bill passed by the House on March 14 would also extend FAA program authorization through July 15, 2016, but would extend the taxes and tax rate dedicated to the airport and airway trust fund for a longer period—through March 31, 2017. Read TaxNewsFlash-United States. The House must now decide whether to accept the Senate’s version of the bill; the Senate adjourned after passing the bill and is in recess until April 4. The shorter extension of the Senate bill would provide the Senate an opportunity to add additional tax provisions.
The tax provisions in H.R. 4721 include:
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