Update: Revised Year-End Tax Relief Package
Revised Year-End Tax Relief Package Introduced
Update: On December 10, 2018, House Ways & Means Committee Chairman Kevin Brady (R-TX) introduced a revised year-end tax relief package.
This revised bill does not extend expired tax provisions, including the Indian Employment Credit (IEC) and the Federal Empowerment Zone (FEZ) credit. However, it does expand the areas eligible for disaster tax relief and employee retention credits.
Disaster Areas Covered by Year-End Tax Relief Package:
- Hurricane Florence
- Hurricane Michael
- Typhoon Mangkut
- Typhoon Yutu
- Mendocino wildfire
- Camp and Woolsey wildfires
- Kilauea volcanic eruption and earthquake
- Hawaii severe storms, flooding, landslides and mudslides
- Wisconsin severe storms, tornadoes, straight-line winds, flooding and landslides
- Texas severe storms and flooding
- North Carolina tornado and severe storms
- Indiana severe storms and flooding
- Alabama severe storms and tornadoes
- Tropical Storm Gita.
Unfortunately, it appears that this package currently lacks the necessary bipartisan support to move forward. In addition, an impasse between Democratic Congressional leadership and the Administration over border wall funding is decreasing the likelihood of an end-of-year tax package.
Equifax will continue to work to support such a package and will provide updates as Congress continues to debate these issues over the next couple of weeks.
Recommended For You
We just got back from the SHRM19 (Society for Human Resource Management) annual conference and exposition in Las Vegas, and […]
Are You Following WOTC Best Practices? If you don’t WOTC, you should. This federal Work Opportunity Tax Credit (WOTC) program […]
Beware of WOTC Myths The Work Opportunity Tax Credit (WOTC) is a valuable employer tax credit. So valuable that it […]
House Expected to Vote This Week on 2018 Tax Extenders and Natural Disaster Tax Relief Package On Tuesday, November 26, […]