Daily Tax Update - October 30, 2015: Senate Passes Bipartisan Budget Act of 2015

Senate Passes Bipartisan Budget Act of 2015:  Today, the Senate voted 64-35 to pass the Bipartisan Budget Act of 2015, H.R. 1314.  The White House Office of the Press Secretary released a statement from President Obama saying, “I look forward to signing [the bill] into law as soon as it reaches my desk.”  The legislation contains certain tax provisions affecting partnerships.  For previous coverage of the bill and the partnership provisions, click here