Provision | Outcome |
Set to Expire After Tax Year 2005 |
Increased AMT exemptions | Extended and increased for 2007 only |
Nonrefundable personal credits allowed for AMT | Extended through tax year 2006 only |
The option to deduct state and local sales taxes instead of the state income tax deduction | Extended through tax year 2007 |
Educator's Expense "Teacher's" Deduction | Extended through tax year 2007 |
Tuition and Fees Deduction | Extended through tax year 2007 |
Work Opportunity Tax Credit and Welfare to Work Credit | The 2 credits were combined and extended through tax year 2007, eligibility for the credits will be expanded in 2007 |
Research and Development Credit | Extended through tax year 2007 |
15-year straight line depreciation for restaurant property | Extended through tax year 2007 |
DC tax incentives | Extended through tax year 2007 |
Indian reservation tax incentives | Extended through tax year 2007 |
Suspension of percentage depletion limitation | Extended through tax year 2007 |
Set to Expire After Tax Year 2006 |
Combat pay may be used to calculate EIC | Extended through tax year 2007 |
Retirement contributions — Saver's Credit | Has been made permanent |
Set to Expire After Tax Year 2007 |
30% credit for residential energy-efficient property (residential solar water heating, solar electric equipment and fuel cell property) | Extended through tax year 2008 |
Credit for contractors who build new, energy-efficient homes | Extended through tax year 2008 |
Deduction for energy-efficient commercial buildings | Extended through tax year 2008 |
Credit for electricity produced from certain renewable resources | Extended through tax year 2008 |
New Markets Tax Credit | Extended through tax year 2008 and modified to allow investment in non-metropolitan counties |
Set to Expire After Tax Year 2008 |
Reduced rates for capital gains and qualified dividends | Extended through 2010 |
Increased section 179 deduction and phaseout threshold ($100,000/$400,000 for 2007) adjusted for inflation; also increased for 2008 only under the Economic Stimulus Act of 2008 ($250,000/$800,000) | Extended through 2010 |
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