Daily Tax Update - September 28, 2016: Senate Passes Continuing Resolution

Senate Passes Continuing Resolution:  The Senate passed the continuing resolution (H.R. 5325, as amended) to fund the federal government through December 9, on a 72-26 vote.  The House will have to vote to approve the bill by September 30 in order to avoid a federal government shutdown.  It is anticipated that the House will vote on the bill later tonight.

Rep. Pascrell Introduces Border Tax Adjustment Bill:  Representative Bill Pascrell (D-NJ) introduced the Border Tax Equity Act (H.R. 6183).  The bill would impose a tax on imported goods and services from any foreign country that employs an indirect tax system (including sales taxes and value-added taxes) and permits a rebate of indirect taxes paid on goods or services exported from that country.