Tax Increase Prevention Act of 2014


On December 16, 2014, Congress passed the "Tax Increase Prevention Act of 2014 (H.R. 5771)." President Obama signed the Act into law on December 19, 2014. This act EXTENDS deductions and credits that had expired on December 31, 2013. They were extended until December 31, 2014. Below is a list of the most popular items that were extended.

  • Sales Tax Deduction

  • Mortgage Insurance Premium (PMI) Deduction

  • Exclusion of Income for Mortgage Debt Forgiveness

  • Above-the-Line Educator Expense Deduction (Teacher Classroom Expense)

  • Above-the-Line Tuition & Fees Deduction

  • 10% Nonbusiness Energy Property Credit For Home Improvements Such as Exterior Windows & Doors, Certain Asphalt and Metal Roofs, Insulation, Hot Water Boilers, Heat Pumps, and Central Air Conditioners

  • Tax-Free Distributions from IRA's for Charity

  • Employer-Provided Mass Transit and Parking Benefits

  • 50% Bonus Depreciation

  • Increased Small Business Expensing Under Internal Revenue Code Section 179 from $25,000 to $500,000

  • 15-Year Straight-Line Recovery for Qualified Leasehold Improvements, Restaurant Buildings, and Retail Improvements

  • Research Credit

  • Wind Energy Credit

  • Biodiesel and Renewable Diesel Incentives

  • Work Opportunity Tax Credit

  • Special Expensing Rules for Certain Film and Television Productions

  • 100% Exclusion for Small Business Stock

  • Basis Adjustment to Stock of S Corporations Making Charitable Contributions of Property

  • Reduction in S Corporation Recognition Period for Built-In Gains Tax

  • Empowerment Zone Tax Incentives

  • Incentives for Alternative Fuel

 View the Entire Tax Act Passed By Congress and Signed into Law

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