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President signs sweeping $680 billion tax agreement

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The president has signed the groundbreaking $680 billion tax deal approved by Congress that temporarily repeals the excise taxes on medical devices and high-cost health coverage, provides a one-year moratorium on the health insurance industry fee, and makes permanent 22 popular expired tax provisions.

The legislation addresses all of the expired provisions and includes a slew of other new tax changes affecting REITs, alternative fuel credits, bonus depreciation, the R&D tax credit, and many other areas. The tax deal, along with a government omnibus funding agreement, was brokered in negotiations between the White House and congressional leaders of both parties.

Please contact Mel Schwarz or Dustin Stamper in the Washington National Tax Office for more information.