Overview
Senate Finance Committee Updates Summaries of Tax Extenders: Today the Senate Finance Committee released updated summaries of provisions in the Tax Relief Extension Act of 2015. Additionally, the Senate Finance Committee released a summary of modifications to the legislation made by Senate Finance Committee Chairman Orrin G. Hatch (R-UT) and revenue raising additions to the chairman’s mark on the bill relating to the exclusion of certain clean coal power grants from income, modifications to the Alternative Fuels Tax Credit and Excise Tax for Liquefied Natural Gas and Liquefied Propane Gas, and improved mortgage interest deduction reporting.
Corrections to Temporary Regulations Relating to Multiemployer Pension Plans in Critical and Declining Status Released: Today the Treasury Department released corrections (here and here) to temporary regulations (TD 9723) relating to multiemployer pension plans that are projected to have insufficient funds at some point in the future to pay the full benefits to which individuals will be entitled under the plans (referred to as plans in “critical and declining status”).