Site Search   |   Print Page   |   Report Abuse   |   Sign In   |   Join Now!
Community Search
News & Press: Federal Tax News

Numerous Tax Provisions Extended In Budget Bill

Friday, February 9, 2018  
Share |
Submitted by Robert Betts, 3rd Vice President of OATC
Please note this breaking news. Early this morning [February 9, 2018], the President signed into law the Bipartisan Budget Act of 2018, which primarily served as a vehicle to extend funding for government operations through March 23, but which also includes more than 50 tax provisions, including extensions of expired tax incentives and various other tax policy changes. SOME OF THESE EXTENDERS ARE RETROACTIVE AND HAVE CHANGED THE LAW AS IT RELATES TO 2017 TAX RETURNS. Notably:
  • Section 40201. Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness.
  • Section 40202. Extension of mortgage insurance premiums treated as qualified residence
    interest.
  • Section 40203. Extension of above-the-line deduction for qualified tuition and related
    expenses.
  • Section 40401. Extension of credit for non-business energy property.
  • Section 40308. Extension of special expensing rules for certain film, television, and
    theatrical productions.
  • Section 40310. Extension of Treatment of timber gains.
There are many more. Please see a complete summary of the Act's tax provisions found at this link: summary-of-tax-extenders-agr.pdf
Thank you,
Bob Betts

more Calendar

6/21/2018 » 6/23/2018
2018 OATC Convention - June 21, 22, 23 "Follow the Money"

Featured Members

Community Search
Membership Software Powered by YourMembership  ::  Legal