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Congress Adjourns After Passing Tax Credit Extensions

Congress Adjourns After Passing Tax Credit Extensions

Two-Week Extension of Some Tax Credits

The 113th Congress adjourned in the late hours of December 16 after approving a handful of judicial appointments and several pending bills. The bill, H.R. 5771, was approved by a vote of 76 – 16.

Bills passed include a two-week extension of $42 billion in tax credits that included the extension of the production tax credit for wind energy; accelerated depreciation for motorsports tracks; three charitable contributions; as well as guidance on the establishment of ABLE long-term care accounts by parents of disabled children.  The extension was only until December 31, setting up another battle over the credits next year.

Left without consideration was the terrorism risk insurance bill, which will now be taken up by the next Congress.  The program provides federal assurances for insurance companies, enabling the insurers to cover major venues, such as the Super Bowl, against acts of terrorism.

Congress now stands adjourned until Tuesday, Jan. 6, 2015.

Sources:  United States Senate at http://www.gpo.gov/fdsys/pkg/BILLS-113hr5771pcs/pdf/BILLS-113hr5771pcs.pdf

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