President signs Consolidated Appropriations Act

Date of enactment is December 29, 2022, which will determine the effective dates of certain measures

Date of enactment is December 29, 2022, which will determine the effective dates of certai

President Biden today signed into law H.R. 2617, the “Consolidated Appropriations Act.”

The bill was passed by the Senate on December 22, 2022 (read TaxNewsFlash), and by the House of Representatives on December 23, 2022 (read TaxNewsFlash).

The date of enactment of the legislation is thus December 29, 2022, which will determine the effective dates of certain measures.

Tax provisions—in general

The bill includes tax provisions aimed at expanding and increasing retirement savings as well as a provision limiting the tax deduction for charitable contributions of conservation easements in certain situations.  It also includes a tax provision relating to health savings accounts and tele-health. 

The bill does not include measures to extend various expired and expiring tax preference provisions or to suspend scheduled tax changes provided in the legislation commonly called the “Tax Cuts and Jobs Act.”

 

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.