Congress passed a short-term extension of the Highway Trust Fund just before funds ran out. Called the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41), it was signed into law by President Barack Obama on July 31, 2015. While the extension for funding is temporary (it sunsets on Oct. 29, 2015), the measure makes a number of permanent tax law changes affecting individuals and businesses.
The changes are largely designed to raise about $5 billion in revenue over 10 years as a way to help pay for the extended funding for surface transportation programs and afford resource flexibility for veterans. Here are some highlights of the revenue provisions within the new law. (Note that revenue estimates are projections from the Joint Committee on Taxation in Report JCX-1-105-15, July 29, 2015.)
