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