Congress passes tax extender legislation The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature. Tax incentives for individuals that are extended through 2014 include: The Sec. 62 deduction for certain expenses of elementary and secondary school teachers; The Sec. 108 exclusion from gross income of discharge of qualified principal residence indebtedness; The Sec. 132 provision providing parity between employer-provided mass transit and parking benefits; The Sec. 163 treatment of mortgage insurance premiums as qualified residence interest; The Sec. 164 deduction for state and local general sales taxes; The Sec. 170 special rule for contributions of capital gain real property made for conservation purposes; The Sec. 222 above-the-line deduction for qualified tuition and related expenses; and The Sec. 408 provision allowing tax-free distributions from individual retirement plans for charitable purposes
Posted on: Wed, 17 Dec 2014 18:44:02 +0000
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