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.
© 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.