Legislative update: House passes second “tax extenders” bill

House passes second “tax extenders” bill

The House today passed, 272 to 142, H.R. 636, America’s Small Business Tax Relief Act of 2015—the second “tax extenders” bill passed by the House this week.

Related content

H.R. 636 includes permanent extensions relating to:

  • Section 179 expensing
  • Section 1374 built-in gain tax
  • S corporation basis adjustment

The Joint Committee on Taxation today released a revenue estimate of the bill on the JCT website (posted on February 13, 2015).

The Senate has not indicated when it would consider this bill.

A Statement of Administration Policy (SAP) indicates that the president would be advised to veto this bill, in large part because the revenue costs are not offset.

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal



KPMG's new digital platform

KPMG's new digital platform