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.