On Monday, June 29th of 2015 President Obama signed into law H.R. 1295 entitled “The Trade Preferences Extension Act of 2015” (hereinafter “TPEA”) which not only extended a trade deal between the U.S. and sub-Saharan Africa but also included a number of tax-related provisions within the bill in connection to the Health Coverage Tax Credit (e.g., claimed on IRS Form 8885); the American Opportunity and Lifetime Learning Tax Credits (e.g., claimed on IRS Form 8863); and the Hope Scholarship Tax Credit (e.g., claimed on IRS Form 8863).

As a legislative synopsis from the Hill, the Senate approved TPEA by unanimous consent on June 24th of 2015 and within twenty four hours the House of Representatives on June 25th approved TPEA by a 286-to-138 margin. “I thought I’d start off the week with something we should do more often, a truly bipartisan bill signing,” President Obama said in a crowded East Room ceremony. Additionally, President Obama used the signing ceremony to push for further bipartisan legislation, particularly for a massive infrastructure bill that would help build new highways, airports and shipping ports.

The TPEA legislation can be accessed through the subsequent link at: www.congress.gov/bill/114th-congress/house-bill/1295