The Senate passed, on December 16, the House-passed Tax Increase Prevention Act of 2014 (HR 5771). The measure also includes the House-passed ABLE bill (HR 647). The bill is expected to be signed by the President. The bill extends individual, business and energy tax incentives for 2014 and makes technical corrections to existing tax laws. Both bills contained the same payroll-related provisions (see Payroll Management Guide Report Letter 2384, dated December 16, 2014).
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