Government Shutdown Tax Changes
The government shutdown ends. Late on Jan. 22, President Trump signed a continuing resolution (CR) to fund the federal government until Feb. 8. The measure also contains some tax-related changes. It will delay for 2 years the 2.3% medical device excise tax (It took effect on Jan. 1, 2018); delay for 2 years (until 2022) the “Cadillac tax” that employers will pay on high-cost health insurance; and provide a 1-year moratorium on an excise tax imposed on health insurers for the 2019 calendar year. The resolution also extends the Children’s Health Insurance Program (CHIP) for 6 years.