Congress Passes "Extenders" Legislation Reviving Expired Tax Breaks for 2015
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Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives expired breaks for 2015 but also makes many breaks permanent, generally extends the rest through either 2016 or 2019, and enhances some breaks.
Here is a sampling of extended breaks that may benefit you or your business:
- The deduction for state and local sales taxes in lieu of state and local income taxes (extended permanently),
- Tax-free IRA distributions to charities (extended permanently),
- Bonus depreciation (extended through 2019, but with reduced benefits for 2018 and 2019),
- Enhanced Section 179 expensing (extended permanently and further enhanced beginning in 2016),
- Accelerated depreciation for qualified leasehold-improvement, restaurant and retail improvement property (extended permanently),
- The research tax credit (extended permanently and enhanced beginning in 2016),
- The Work Opportunity credit (extended through 2019 and enhanced beginning in 2016), and
- Various energy-related tax incentives (extended through 2016).
Please contact us for more information on these and other breaks under the PATH Act. Keep in mind that, for you to take maximum advantage of certain extended breaks on your 2015 tax return, quick action may be required.
Last Updated by Admin on 2015-12-22 11:01:51 AM