House Vote on Tax Extenders Expected This Week |
 The U.S. House of Representatives is scheduled to vote this week on legislation that will "extend the extenders" by one year. The Tax Increase Prevention Act of 2014 (HR 5771) will add one more year to the life of certain tax extenders that expired on December 31, 2013. The stop-gap legislation will keep the extenders in place for those filing 2014 tax returns.
David Camp, Chairman of the House Ways and Means Committee, says the Tax Increase Prevention Act will give Congress time to "pursue its efforts to make certain expiring tax provisions permanent."
Among the extenders covered by the pending legislation are:
- Section 102 - Extension of exclusion from gross income of discharge of qualified personal residence indebtedness.
- Section 104 - Extension of mortgage insurance premiums treated as qualified residence interest.
- Section 105 - Extension of deduction of state and local general sales tax.
- Section 107 - Extension of above-the-line deduction for qualified tuition and related expenses.
- Section 108 - Extension of tax-free distributions from individual retirement plans for charitable purposes.
- Section 111 - Extension of research credits.
- Section 125 - Extension of the 50 percent bonus depreciation for property acquired and placed into service in 2014.
- Section 127 - Extension of increased spending limitations and treatment of certain real property as Section 179 property.
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