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New Tax Act Contains Tax Breaks; Adds Revenue Raisers The new Tax Increase Prevention and Reconciliation Act (TIPRA) retroactively extended a number of popular tax breaks, added several new tax breaks, and included a number of revenue raisers.   New Pension Act Covers More Than Just Pensions You may have heard about the Pension Protection Act of 2006 (Pension Act). Many of the changes in this legislation actually have nothing to do with pension plans, even though its main purpose was purportedly to shore up traditional defined benefit pension plans, including those of the legacy airlines, and avoid the need for a future taxpayer-funded bailout.   New Formula for the Telephone Tax Refund Businesses and tax-exempt organizations can request a refund of the federal long-distance telephone excise taxes they paid during the 41-month period from March 2003 through July 2006.