On January 1, 2013, Congress passed H.R. 8, the American Taxpayer Relief Act of 2012, to avert the so-called “fiscal cliff” that would have occurred on January 1, 2013. The bill passed the Senate by a vote of 89-8 and the House by a vote of 257-167 and was signed into law by the president on January 2, 2013. This bill will avoid sunset provisions that were scheduled to take place after 2012 under the Bush-era tax cuts.
Read more:Fiscal CliffHighlights of the tax and spending provisions of H.R. 8 legislation