The House has passed a bill that includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers, but its fate remains uncertain as it faces the threat of a veto.
The House took the bill passed by the Senate and split it into four separate parts with some changes (see House Passes AMT Patch and Disaster Relief Tax Breaks). The three other parts—including a temporary "patch" for the alternative minimum tax, tax breaks for victims of natural disasters and a law mandating parity for mental health insurance benefits—passed as separate bills earlier in the week without a compensating "offset" to pay for the AMT patch.
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