Federal Spending Package Extends Tax Provisions for Employers

Late last month, Congress reached an agreement on a massive, must-pass federal spending package. OMA Connections Partner Clark Schaefer Hackett has summarized the key tax-related provisions in the legislation, which extends certain income tax provisions that had either expired or were due to expire. The new legislation continues the following programs through 2020: Incentives for empowerment zones; the New Markets Tax Credit; employer tax credits for paid family and medical leave; and the Work Opportunity Tax Credit.

Meanwhile, OMA Connections Partner GBQ Partners reports that the funding legislation repeals the Affordable Care Act’s so-called “Cadillac tax.” 1/2/2020