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While GOP members of the U.S. House of Representatives decide who will be the next Speaker of the House, a series of tough votes await both chambers in Congress as the year comes to a close.
Funding for the Federal government is set to expire at midnight on December 11. Prior to that, however, Congress will need to raise the debt ceiling limit so that the U.S. can continue to borrow money necessary to pay its debts on time, as well as decide whether or not to extend 54 federal tax provisions that expired at the end of 2014. If extended, the tax provisions are expected to have a retroactive extension for 2015 and be extended through December 31, 2016.
On the tax front, the Senate Finance Committee voted in July to pass a ‘tax extenders’ bill out of committee, but the legislation still needs to be considered by the full Senate. Likewise, the House Ways and Means Committee has approved tax extender legislation but has taken a more incremental approach, approving certain provisions in a series of focused bills, all of which must be considered on the floor of the House as well. Several HR tax items in need of extension include:
SHRM will continue to monitor developments with these tax provisions and will keep HR practitioners apprised of any action designed to renew these valuable tax credits for employees and employers.
Capitol Hill Update
Congress Poised to Tackle Funding the Government, Expiring Tax Breaks and a Looming Debt Ceiling Debate
Workplace Issues Remain a Top Focus for Both Parties in Congress
2015 Legislative Session in Sacramento Comes to a Close
Workflex and Telework Guide Now Available
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