The Senate on Tuesday passed the tax extenders package, H.R. 5771, we are still awaiting the President’s signature on it.

The White House has not indicated the President is opposed to the bill-and Congress is out of session-so we still assume a signature in short order.

The bill is a straightforward one-year extension (through December 31, 2014) of all 55 expiring temporary tax provisions. Outgoing Senate Finance Committee Chairman rather acidly registered his displeasure with the bill by observing, “This tax bill doesn’t have the shelf life of a carton of eggs.”

With the reminder that we are still awaiting White House action on the bill, here’s a copy of the bill summary, which goes into detail on the provisions being extended, which include:

• Bonus depreciation
• Section 179 expensing limitations
• R&D credit
• Above-the-line deduction for qualified tuition and related expenses
• Deduction of state and local general sales taxes
• Mortgage premiums treated as qualified residence interest
• Exclusion from gross income of discharge of qualified principal residence indebtedness

Finally, and this provision has gotten lost in the shuffle, the extenders bill also includes the ABLE Act of 2014, which allows family with children who have disabilities to create tax-advantaged savings accounts. These accounts may be used to pay for medical bills, education, and other expenses without affecting the family’s ability to qualify for Social Security, Medicaid, or other means based programs. The Journal of Accountancy offers an overview. The cosponsors, Senator Bob Casey (D-PA) and Representative Ander Crenshaw (R-FL), also provided comments on the bill.