President Signs Eleventh-Hour Agreement to Avert Fiscal Cliff
CCH Tax Briefing
The tax side of the “Fiscal Cliff” has been averted. The U.S. Senate overwhelmingly passed legislation to avert the so-called fiscal cliff on January 1, 2013 by a vote of 89 to 8, sending the American Taxpayer Relief Act of 2012 (HR 8, as amended by the Senate) to the House, where it was similarly approved on January 1, 2013 by a vote of 257 to 167.
Read more to learn the impacts for specific tax extenders and expired taxes, including individual income tax rates, business tax provisions, state and local sales tax, and more.