Payroll Tax Cut Extension Agreement Reached by Conference Committee, Congress Approves

On Feb. 17, Congress approved an extension of the payroll tax holiday, unemployment benefits and restored Medicare reimbursement rate provisions based on an agreement outlined in the conference committee’s Feb. 15 conference report (H.R. 3630). Unlike the previous extension passed in December 2011, this agreement will not be paid for by revenue generated through increased rates on Fannie Mae and Freddie Mac guarantee fees and FHA insurance premiums. Notably absent from the final deal is any agreement on extending tax provisions that expired in 2011, including the New Markets Tax Credit.

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