The House on October 28, passed the “budget agreement”—a bill that suspends the limit on public debt (the “debt ceiling”) through March 15, 2017, and increases defense and discretionary spending for fiscal years 2016 and 2017 above the levels set by the Budget Control Act of 2011. Revenue offsets in the budget agreement (the “Bipartisan Budget Act of 2015”) include two partnership tax provisions:
The agreement also includes changes to pension funding, including amending section 430(h)(3) of the Code (relating to mortality tables). For more details, read TaxNewsFlash-United States
The bill has been sent to the Senate for its consideration. When the Senate would take up the budget agreement is not certain, with some reports indicating that a vote could be expected early next week, possibly by Tuesday, November 3.
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