The Consolidated Appropriations Act, H.R. 2029, was passed by Congress on Thursday and Friday and was signed into law by President Barack Obama. As has been widely reported, the bill extends an extensive list of expired tax provisions—some permanently, some for five years, and many for two years, through 2016. (See prior coverage here for a list of extended provisions.) Less widely noted is the large number of other tax provisions that the bill enacts.
The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years—the tax extenders are estimated to cost $629 billion, and the changes to tax administration and other items described here are estimated to bring the cost down to $622 billion (see Joint Committee on Taxation Rep’t JCX-143-15).
The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years—the tax extenders are estimated to cost $629 billion, and the changes to tax administration and other items described here are estimated to bring the cost down to $622 billion (see Joint Committee on Taxation Rep’t JCX-143-15).
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