At the last minute Congress passed a temporary funding measure through March 14, 2025. President Biden has signed the Bill to keep the government temporarily funded . The funded bill was substantially cut back from earlier versions and contains disaster relief, health care extenders, and farm support. It did not contain any increase to the federal debt limit as President Elect Trump had advocated which should be reached in early January.

The funding bill retracts large funding for the Internal Revenue Service as provided for under the Inflation Reduction Act. This would likely result in a reduction of IRS enforcement efforts.

As predicted the bill does not contain any provisions related to 174( R & D expensing ), 163(j) interest expense limitations back to EBITDA limits, and bonus depreciation under Section 168(k). Taiwan tax treaty relief was also not addressed despite bi partisan support.

Future tax legislation will have to be addressed by the new Congress after they reconvene.