Tax Increase Prevention Act of 2014, was passed by Congress on December 16, 2014, and awaits enactment by the President. At this time, there has not been official word on when the President will sign 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.