On April 10, the U.S. House of Representatives concurred with the Senate’s amendment to H.C.R. 14, a concurrent resolution that would establish the congressional budget for the federal government for fiscal year 2025, by a vote of 216-214. The resolution also establishes budgetary levels for fiscal years 2026 through 2034.
This budget bill is important as it includes a proposal to permanently extend the Tax Cuts and Jobs Act (TCJA). Many provisions in the TCJA are set to expire on December 31, 2025, unless they are extended.
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Jyme Mariani, Esq., is Managing Editor of Payroll Currently and Senior Manager of Payroll Information Resources for PayrollOrg.