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Tax Legislation 2006: Law and Explanation of the Tax Relief and Reconciliation Acts of 2005
Tax Legislation 2006 Law and Explanation of the Tax Relief and Reconciliation Acts of 2005 Author:CCH Tax Law Editors After months of debate in Congress, a comprehensive package of tax extenders (and more) finally received approval in the waning moments of the 2006 Lame Duck session. The Tax Relief and Health Care Act of 2006 (H.R. 6111) was passed by the House on December 8, 2006, and by the Senate on December 9, 2006. The new law retroactively restores ma... more »ny popular expired tax cuts to the start of 2006 and enhances some important tax incentives. It bolsters Health Savings Accounts, revises deadlines for certain excise taxes, extends some expiring energy credits, makes critical technical corrections to existing tax laws, and includes an impressive list of miscellaneous tax relief. Much earlier in the year, on May 17, 2006, the Tax Increase Prevention and Reconciliation Act of 2005 (P.L. 109-222) was signed into law. TIPRA, as this law has come to be known, set the stage for debate on additional legislation that at one time in 2006 included a trifecta of tax bills under consideration, but culminated in a single, yet substantive Tax Relief and Health Care Act. Including tax extenders and much more, the Tax Relief and Health Care Act of 2006 and the Tax Increase Prevention and Reconciliation Act of 2005 are presented, explained and analyzed in CCH's Law and Explanation of the Tax Relief and Reconciliation Acts of 2006. Sandwiched between these two legislative bookends is the Pension Protection Act of 2006 (the subject of CCH s massive Pension Protection Act of 2006 - Law, Explanation and Analysis). By covering both 2006 extender tax acts, CCH's Law and Explanation of the Tax Relief and Reconciliation Acts of 2006 ties up all the important tax changes made during the 2006 year outside of the Pension Protection Act. In this single volume, practitioners can access important changes that impact tax compliance and planning now. Organized for easy access to the important changes from both Acts, Law and Explanation also allows users to easily view the last minute changes made« less