The Senate passed H.R. 5771, known as the Tax Increase Prevention Act of 2014, temporarily extends more than 50 lapsed individual, business, and energy tax breaks for 2014 and sets them to expire again on 12/31/14. Highlights of the bill include the research and development (R&D) credit, first-year bonus depreciation, increased Section 179 expense limits, and the deduction for state and local taxes. In addition to the tax-break extensions, H.R. 5771 includes another bill (H.R. 647, the “Achieving a Better Life Experience Act of 2014”) that establishes a new type of tax-advantaged account for disabled individuals, allowing them to save money for future needs while remaining eligible for government benefit programs. Additionally, a number of other nonextender tax changes are included. The President is expected to sign the bill soon.