President Obama is expected to sign bill extending tax
provisions that expired at end of 2013.
It's been called "a terrible way to make tax
policy" and "not that great a deal for families,
individuals, and businesses"--and that's just by its
supporters. Still, even though far from ideal, the "Tax
Increase Prevention Act of 2014" is an early Christmas present
for taxpayers.
The bill seamlessly extends 50 tax provisions that expired
earlier this year through the end of 2014. A couple of expiring
provisions get a prospective extension: certain multiemployer
defined benefit pension plan provisons that expire at the end of
2014 would be extended through the end of 2015. The bill also
includes the popular Achieving a Better Life Experience Act (or
"ABLE" Act) which permits the creation of special
tax-exempt accounts for individuals with disabilities.
