The Tax Increase Prevention Bill (HR 5771) that would "extend the extenders" to cover the 2014 tax year is still awaiting a vote in the U.S. Senate. That vote, which took a back seat to legislation aimed at national defense and an act to fund government operations, is now expected to take place by the end of this week.

  

As a reminder, the legislation, if passed and signed into law by the President, will keep many extenders in place through the end of 2014, such as:

• 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.
• And more!

For more details on the extenders or on any other federal, state or local tax issues, please contact Gray, Gray & Gray's Tax Department.