House and Senate have both passed year-end tax legislation

US Congress passes year-end tax legislation

The House earlier today passed, 316 to 113, the second part of the year-end legislative package—the omnibus spending bill—following yesterday’s House passage of the “Protecting Americans from Tax Hikes Act of 2015” (the PATH Act) by a vote of 391 to 109.

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The bills were combined into one package and sent to the Senate. The Senate then today passed, 65 to 33, the legislation (H.R. 2029 which has been renamed and is now officially known as the ‘‘Consolidated Appropriations Act, 2016’’).

With congressional action completed, the legislation will be enrolled and sent to the White House for action by the president.

The Obama Administration this week issued “Statement of Administration Policy” expressing support for the legislation and urging congressional passage.  Accordingly, it appears the president would sign the legislation.

 

Read KPMG’s preliminary observations about the tax provisions in the year-end legislation: TaxNewsFlash-Legislative Updates

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