TAX INCREASE PREVENTION ACT OF 2015

 TAX EXTENDERS FOR 2015

INDIVIDUAL TAX EXTENDERS

The tax deductinn of expenses of elementary and secondary school teachers

The tax exclusion of imputed income from the discharge of indebtedness for a principal residence

The equalization of the tax exclusion for employer-provided commuter transit and parking benefits

The tax deduction of mortgage insurance premiums; the tax deduction of state and local general sales taxes in lieu of state and local income taxes

The tax deduction of contributions of capital gain real property for conservation purposes

The tax deduction of qualified tuition and related expenses

The tax exemption of distributions from individual retirement accounts for charitable purposes

 

BUSINESS TAX EXTENDERS:

The tax credit for increasing research activities

The low income housing tax credit rate for newly construction non-federally subsidized buildings

The indian employment tax credit

The new market tax credit

The tax credit for qualified railroad track maintence expenditures

The tax credit for mine rescue team training program

The tax credit for different wage payments to employees who are active duty members of the Uniformed Services

The work opportunity tax credit

Authority for issuance of qualified zone academy bonds

The classification of race horses as three-year property for depreciation purposes

 of certain Accelerated depreciation business property (bonus depreciation)

The special rule allowing a tax deduction for charitable contributions of food inventory by tax payers other than C corporations

The increased expensing allowance for business assets, computer software, and qualified property (i.e., leaseholder improvement, restaurant, and retail improvement property)

The election to expense advanced mine safety equipment expenditures

The expensing allowance for film and television production costs and costs of live theatrical productions

The tax deduction for income attributable to domestic production activities in Pueeto Rico

Tax rules relating to payments between related foreign corporations and dividends of regulated investment companies

The 100% exclusion from gross income of gain from the sale of small business stock

The tax incentives for investment in empowerment zones

 

ENERGY TAX EXTENDERS

The tax credit for residential energy efficiency improvements; Windows and Doors, Insulation, Roofs, HVAC: Central Air Conditioners, Air Source Heat Pump, Furnaces and Boilers, Gas, Oil and Propane water heaters. electrical heat pump water heaters, Biomass stoves.

The tax credit for second generation biofuel production

The tax credit for producing electricity using wind, biomass, geothermal, land fill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities

Tax credit for energy efficient new homes

The tax deduction for energy efficient commercial buildings

 

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