Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). President Obama signed the Act and a FY 2016 omnibus on December 18. The Act does considerably more than the typical tax extenders legislation seen in prior years.
It makes permanent over 20 key tax provisions, including the research tax credit, enhanced Code Sec. 179 expensing, and the American Opportunity Tax Credit. It also extends other provisions, including bonus depreciation, for five years; and revives many others for two years. In addition, many extenders have been enhanced. Further, the Act imposes a two-year moratorium on the ACA medical devise excise tax. To read the details of the legislation and how it may impact you, please click here.
To discuss further, you can reach your Crosslin tax professional at (615) 320-5500. We look forward to working with you.