The Senate, in the early morning hours of October 30, passed the “budget agreement.” The House passed the “Bipartisan Budget Act of 2015” on October 28. With today’s vote by the Senate, the bill will be sent to the White House for action by the president.
The legislation 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 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
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