The 114th Congress has adjourned.
The Senate, prior to finishing its business, passed H.R. 5015, the Combat-Injured Veterans Tax Fairness Act—a bill that was passed by the House on December 5, 2016. Read TaxNewsFlash-United States on House passage. The bill will be on its way to the president’s desk.
Congress, however, did not act to extend the almost 30 temporary tax incentives that generally will expire at the end of 2016. These incentives generally will not be available with respect to 2017 activity unless the next Congress acts to extend them.
The provisions that are generally scheduled to expire at the end of 2016 include:
The 115th Congress is scheduled to convene on January 3, 2017. Although it is not certain, it is possible that the new Congress might resurrect some of the provisions that expire at the end of 2016 as part of tax legislation (such as tax reform). However, it is also possible that some of the provisions simply might remain expired.
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