Friday, the Congressional Joint Committee on Taxation (“JCT”) published its current list of tax provisions expiring in 2014 through 2025. While the JCT does this every year around this time, this year’s list takes on added meaning after last year’s “tax extenders” debate ended at the eleventh-hour with the Tax Increase Prevention Act of 2014 (HR 5771). HR 5771, signed into law on December 19th, extended a laundry list of tax provisions until 12 days after it became law. All of those provisions have now expired. Among them were such popular tax provisions as:
- bonus depreciation,
- the research tax credit,
- the new markets tax credit,
- principal residence mortgage debt relief exception,
- deduction of state sales taxes in lieu of state income taxes,
- tuition and educational expense deductions,
- deductions by elementary and secondary school teachers for school supplies used in the classroom, and
- numerous green and renewable energy credits.
All of these now show up in the first pages of the JCT list, begging the question whether they will be renewed again this year.
Tax law is an uncertain and ever-changing area. If there is anything I can do to help you keep up with it, please schedule a consultation so we can talk about how to keep you ahead of new developments.