President Signs Trade Bills with Tax Provisions

President Obama on June 29 signed legislation, the Trade Preferences Extension Act (HR 1295), which contains revenue offsets, including an extension of a health care tax credit. The president also signed the Defending Public Safety Employees’ Retirement Act (HR 2146), which was the vehicle for trade promotion authority (TPA).

The health care tax credit extends for six years a 72.5-percent refundable tax credit to cover premiums for people who qualify for trade adjustment assistance (TAA). The measure also alters corporate estimated tax payments. Other revenue offsets include: penalties for failure to file information returns and a requirement for payee statements for individuals claiming the education tax credit.

The Defending Public Safety Employees’ Retirement Act will allow federal law enforcement officers, fire fighters and air traffic controllers to make penalty-free withdrawals from governmental plans after age 50 (TAXDAY, 2015/06/10, C.1).

By Jeff Carlson, Wolters Kluwer News Staff

 

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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