Law360, New York (January 4, 2013, 5:04 PM EST) -- On Jan. 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the TRA of 2012), which permanently extends certain federal income tax rate reductions first enacted in 2001 that were scheduled to expire at the end of 2012, and extends and modifies certain other provisions relating to tax incentives for research and investments in renewable energy property. Because this legislation does not include an increase in the federal debt ceiling, and because the legislation postpones for two months the effects of the budget sequester provisions enacted in the Budget Control Act of 2010, it is likely that more significant tax legislation will be considered by the 113th Congress in the coming months....
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