Congress Makes Some Individual and Business Provisions Permanent

In December 2015, Congress passed a law extending many provisions that had expired at the end of 2014.  Many of these provisions were made permanent, while others will require further Congressional action in the future.

Selected “Business” provisions made permanent are as follows: 

• Increased Section 179 deduction
• Research and Experimentation Credit
• 5 year waiting period for Built-In Gains Tax
• Qualified Small Business Stock 100% gain exclusion

Selected “Individual” provisions made permanent are as follows:

• American Opportunity Credit
• Increased Earned Income Tax Credit
• Educators Deduction
• Election to take sales tax as itemized deduction in place of income tax
• Tax-Free IRA Distributions to charities up to $100,000 for those at least 70 ½

For more information on these and other provisions not listed above, contact our office.