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On Dec. 19, President Obama signed H.R. 5771, The Tax Increase Prevention Act of 2014, into law. This law extends for one year only a number of tax relief provisions that expired on Dec. 31, 2013. The one-year extension act passed the Senate earlier by a vote of 76-16. And the House passed the legislation 378-46 on Dec. 3. By extending the provisions through Dec. 31, 2014, taxpayers and businesses will see tax relief on their 2014 tax returns.
