Legislative update: Senate passes highway bill
Legislative update: Senate passes highway bill
The Senate today passed (91 to 4) the short-term highway bill that was passed by the House yesterday. President Obama is expected to sign the bill, now that it has been passed by both houses of Congress.
H.R. 3236 provides funding and authorizes spending with respect to the highway trust fund through October 29, 2015. The bill includes a number of tax-related provisions, including measures concerning:
- Tax filing due dates
- Reporting by estates
- Reporting by lenders regarding mortgages
- Statute of limitations in instances of the overstatement of basis
- Transfers of excess pension assets to retiree health accounts
- Excise tax on liquefied natural gas (LNG) and liquefied petroleum gas (LPG)
The bill also includes measures concerning TSA fees and veterans’ health issues.
Meanwhile…
The Senate today also passed a six-year highway authorization bill that contains a number of tax provisions.
While this bill is not expected to become law in the near future, observers anticipate that it would likely be part of conversations that will take place in the fall as congressional leaders attempt to negotiate a multi-year extension of the highway trust fund. A number of policy makers have been vocal in their desire to also include significant tax legislative changes—particularly in the area of international taxation—in these negotiations as well.
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