Tax Increase Prevention Act of 2014

H.R.5771, Tax Increase Prevention Act of 2014, was passed by Congress on December 16, 2014, and awaits enactment by the President. [Since the publication of this newsletter the President has signed the bill]…The bill will extend over 50 expiring tax provisions relating to individuals, businesses and the energy sector. Extended individual provisions would include:

  • $250 educator expense deduction
  • Tuition and fees deduction
  • Itemized deduction for state and local general sales tax
  • Itemized deduction for mortgage insurance premiums
  • Qualified principal residence indebtedness exclusion for debt discharge income
  • Extended business provisions would include:

  • Increased dollar limit to $500,000 for §179 expensing.
  • $250,000 qualified real property §179 expense limit
  • 15-year recovery period for qualified leasehold improvements, qualified restaurant property, and qualified retail improvements
  • 50% bonus depreciation

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