Deloitte Summary of Extenders Package, PATH Act

Deloitte has released its preliminary summary of the Congressional extenders package or PATH Act (Protecting Americans from Tax Hikes Act of 2015).

The statutory language of the Path Act is located by clicking: PATH Act Language.

The House Ways and Means Committee summary is located by clicking: PATH Act Summary.

Deloitte’s summary begins as follows:

Congressional negotiators have released statutory language and a summary of a tax extenders agreement that would make permanent several business, individual, and charitable giving incentives that expired at the end of last year; renew a handful of provisions for five years; and extend dozens of other tax deductions, credits, and incentives through 2016. The agreement, which was released early on December 16, also would temporarily suspend the medical device excise tax enacted in the Patient Protection and Affordable Care Act of 2010 (PPACA).

The legislation, which according to unofficial estimates could reduce federal receipts by $650 billion or more between 2016 and 2025, is still subject to approval in the House and Senate. Both chambers are expected to take up the measure in the coming days.

A high-level overview of the major provisions in the agreement is provided below. Additional details will appear in an upcoming edition of Tax News & Views.

To see full Deloitte summary see: Tax News & Views

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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