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Tax Law Roundup current law developments in U.S. taxation

Senate Passes Extenders Legislation – President Quickly Signs Targeted Tax Cuts Into Law

Posted in Legislative, Real Estate

IMG_4009Today the Senate voted 65-33 to pass the Extenders bill (H.R. 2029) and the President quickly signed it into law with the official Date of Enactment being December 18.  As discussed in more detail in yesterday’s blog, the legislation makes permanent or creates an extended life for many take breaks that have been annually renewed, or “extended” for many years.  From R&D credits, to bonus depreciations, to FIRPTA reform and REIT spin-off limitations, the legislation has wide ranging impact and will require detailed scrutiny.  Particularly for real estate there are significant REIT provisions and a significant FIRPTA exception for qualifying foreign pension plans (see pension exception text and summary).