On December 16, the Senate, by a vote of 76 to 16, passed the tax package, H.R. 5771. This legislation includes the “Tax Increase Prevention Act of 2014,” which was passed by the House on Dec. 3 by a vote of 378 to 46 and which would extend through 2014 over fifty currently expired “extender” provisions (including ability to deduct sales tax if itemizing, and accelerated business depreciation). This tax package also includes H.R. 647, the “Achieving a Better Life Experience (ABLE) Act of 2014,” which was passed by the House on Dec. 3, by a vote of 404 to 17, and which establishes a new type of tax-advantaged savings program for individuals with disabilities and makes a number of other non-extender tax changes.
The bill will be sent to the President for his signature.