The Senate is expected to vote today to consider a Senate substitute amendment— the Bipartisan Budget Act of 2018—to H.R. 1892.
The Senate amendment would provide funding for the federal government through March 23, 2018, and reflects a bipartisan agreement governing spending levels and a number of related budgetary matters for fiscal years 2018 and 2019.
The legislation contains a number of tax-related matters, including the extension of 33 “expiring provisions” (or “tax extenders”) that expired on December 31, 2016.The legislation would extend through 2017 the following (among other) provisions:
Additionally, the legislation also contains other tax-related provisions. A number of these provisions had originally been included in various versions of the tax bill that ultimately became Pub. L. No. 115-97 (previously known as the Tax Cut and Jobs Act and signed into law on December 22, 2017) but had been removed from that bill prior to final passage for a variety of reasons.
Among these provisions are:
The administration in a Statement of Administration Policy released today indicated support for the bill but also indicated the concerns “…with future extensions of special interest tax deductions and benefits in the wake of tax cuts and reforms that were enacted in December 2017.”
If the legislation is passed by the Senate today, the House would be expected to vote on the legislation later today. To avoid a partial government shutdown beginning tonight at midnight due to lack of appropriations, the legislation must be approved by both the House and Senate and signed by the president by the end of today, February 8, 2018.
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