Recently the House Ways and Means Committee has reached an agreement to push through the Protecting Americans from Tax Hikes (PATH) Act of 2015 that will retroactively reinstate the 2015 tax extenders. The tax extenders are tax provisions that have lased and then have been repeatedly extended over the past decade. Under the new proposed legislation many of the provisions will be permanently renewed. This article discusses the key tax extender provisions that have been permanently renewed. The proposed legislation will still need to pass both houses of congress and be signed into law by President Obama, but many of the agreed upon tax extender changes are expected to pass. Estate planners across the country will want to stay informed about which changes are adopted in the near future.
See Michael Kitces, Kitces: New Tax Legislation Set to Reinstate Most Extenders Permanently, Nasdaq, December 18, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
