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President Signs ‘Fiscal Cliff' Bill; Includes Farm Bill Extension

Posted on 1/3/2013

The legislation makes permanent the current rates on taxable income at or below $400,000 for individual filers and $450,000 for married couples, and postpones scheduled budget cuts under last year's debt ceiling agreement for two months.

The legislation also permanently indexes the Alternative Minimum Tax exemption for inflation; extends emergency unemployment benefits for one year; continues current Medicare payment rates for physicians' services through the end of the year; and extends Farm Bill policies and programs through September 30, 2013.

The Farm Bill extension means current commodity programs are extended through that date, direct payments will be made on 2013 crops, and current crop insurance programs remain intact. The extension is intended to give lawmakers more time to pass a new five-year Farm Bill.

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