What…???…Good News From Congress???

May 20, 2014 By Nielsen Law Group In Taxation No Comment Tags : , , , ,

Some good news from Capitol Hill just emerged. In a prior blog, we noted that tax credits/deductions expire each year but the number expiring in 2013 was HUGE and included such heavy hitters as Mortgage Debt Forgiveness and deductions for School Teacher Expenses. Well, the Senate Finance Committee just approved Senate Bill 2260 – the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.

The EXPIRE Act extends for two years a number of the provisions that expired December 31, 2013. Among those included are:

  1. Deductions for elementary and secondary teachers of $250 per year.
  2. Mortgage debt forgiveness.
  3. Deductions for qualified Mortgage Insurance Premiums (with a phase-out limit starting at $100,000 AGI).
  4. Deductions for state and local taxes.
  5. Deductions for Higher Education
  6. Exemption for distributions from IRA’s for Charitable Purposes.
  7. Credits for Energy Efficient improvements to Homes
  8. Credits for Alternative Fuel Vehicles.
  9. A number of business credits and reinstatements, including preserving the current level of Section 179 deduction, depreciation accelerators and specific tax credits in a variety of employment related areas.

Whether or not the bill will actually become law is an entirely different question. But it is evident that there appears to be significant support in Congress for the Bill’s passage.