Editor’s Note: This content was originally published on December 22, 2014. It has been ungated and republished due to popular demand.
In a flurry of year-end activity, Congress has approved the Tax Increase Prevention Act of 2014 (H.R. 5771) (“Act”). The new law extends the “tax extenders” retroactively for one year (through 2014). It also includes the Achieving a Better Life Experience (ABLE) Act, creating tax-favored savings accounts for individuals with disabilities along with some tax-related offsets. Before adjourning, Congress also approved an Omnibus Spending Agreement for fiscal year (FY) 2015, which cuts funding for the IRS. President Obama signed the Omnibus Agreement and H.R. 5771 bills on December 19, 2014. In this white paper, SC&H Group explains the Tax Increase Prevention Act of 2014 ABLE Act / Omnibus Funding Agreement.sch-group_tax-increase-prevention-act-of-2014