U.S. House of Representatives Passes “Omnibus Spending Bill”
By: Kenneth C. Foltz Sr., Esq.
As expected, today the U.S. House of Representatives passed a $1.1 trillion spending bill for Fiscal Year 2016 that averts a government shutdown. A companion bill with $629 billion in tax cuts passed yesterday and was used to secure approval of the spending bill.
The House will send both the tax and spending bills to the Senate for its vote and then will adjourn.
The Senate is expected to pass both bills quickly and send them to the President, who has indicated he will sign the package.
The package contains numerous tax cut extensions, business depreciation provisions, and incentives for community development, renewable energy projects, and business property improvements, for example.
Many tax cuts in the package are permanent.
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