Payroll tax cut etc. passes all hurdles: House, Senate and President's Signature

Congress passed, and President Obama signed into law, HR 3765, the two-month payroll tax cut and unemployment compensation extension act.   Obama Signs Two-Month Payroll Tax Cut Extension, Bloomberg.com (Dec. 23, 2011).  It also again postpones full cuts to doctors for medicare and requires a decision on the Keystone XL pipeline within 60 days.  The only change in the bill compared to the one passed by the Senate and first rejected then now passed by House Republicans is a simplified 'recapture' provision to cover the possibility that no extension of the tax cut is passed after the first two months.  The bill is effective through February 2012.

The JCT's analysis of the revenue provisions of the act is available on the JCT website , JCX-58-11 (Dec. 23, 2011) and the estimated revenue impact is available as well, JCX-57-11 (Dec. 23, 2011).