President Obama on November 2 signed the Bipartisan Budget Act of 2015 (HR 1314). The bill was approved by the House on October 28 and the Senate on October 30 (see Payroll Management Guide Newsletter 2428, dated November 3, 2015). The new law repeals the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) (P.L. 97-248) audit procedures and also repeals automatic enrollment in health savings plans of certain employers under the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148). Additionally, the new law extends pension funding stabilization and raises premiums paid to the Pension Benefit Guaranty Corporation (PBGC).
In a statement after passage of the bill in the Senate, President Obama said, “The Bipartisan Budget Act is paid for in a responsible, balanced way, in part with a measure to ensure that partnerships like hedge funds pay what they owe in taxes just like everybody else. It locks in two years of funding and should help break the cycle of shutdowns and manufactured crises that have harmed our economy.”
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