The Senate capitulated to the House on a bill to replenish the dwindling federal Highway Trust Fund by a vote of 81-13 on the evening of July 31. The final version of the bill that will now go to President Obama’s desk will include the MAP-21 pension smoothing extension initially rejected by the Senate on July 29. The “gimmick,” as some on both sides have derided it, is designed to generate tax revenue by reducing companies’ defined benefit contributions and thus their related tax deductions.
So no, even Jon Stewart wasn’t enough to compete with legislators’ desire to wrap up and go home for recess.
Look for a thorough analysis of what this will mean for you in an ASPPA asap, to be released in Thursday’s ASPPA Connect e-newsletter.
Ray Harmon, Esq. is ASPPA Government Affairs Counsel.
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