Trade Bills with Tax Provisions Signed into Law; Federal Safety Workers Benefit
The President signed two trade bills into law on 6/29/15 containing federal income tax provisions.
The Trade Preferences Extension Act (H.R. 1295): (1) requires taxpayers to obtain a Form 1098-T in order to claim certain educational tax benefits, (2) increases the penalties applying to taxpayers that fail to file correct information returns (e.g. Form 1099 with the IRS or to provide a payee with a correct copy, (3) extends the Section 35 Health Care Tax Credit through 2019, and (4) precludes a taxpayer that excluded gross income under IRC Sec. 911 from claiming the refundable portion of the Section 24 child tax credit.
The Trade Priorities and Accountability Act (H.R. 2146) allows federal safety workers (e.g., federal law enforcement officers, customs and border protection officers, firefighters, and air traffic controllers) to make penalty-free withdrawals funds from their governmental retirement accounts at age 50 instead of age 55.
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