Bipartisan Budget Act of 2018

by Megan Hiles
Photo of a pen and a calculator on top of accounting documents

On February 9, Congress passed the “Bipartisan Budget Act of 2018.” In addition to a plan to fund the federal government through March 23, the act contains a host of tax law changes.

Included in the act were the following extenders that were previously set to sunset after 2016:

The following INDIVIDUAL provisions were extended for ONE year:

  • Discharge of indebtedness from principal residence
  • Treatment of mortgage insurance premiums (PMI) as deductible qualified residence interest
  • Above the line deduction for qualified tuition and related expenses

The following BUSINESS provisions were extended for ONE year:

  • 3 year depreciation for race horses 2 years or younger
  • 7 year recovery period for Motorsports entertainment complexes

The following ENERGY provisions were extended for ONE year:

  • Non business energy $500 credit
  • Qualified fuel cell motor vehicle credit
  • Credit for 2-wheeled plug in electric vehicles
  • 179D – energy efficient commercial building deduction
  • Credit for construction of new energy efficient homes

What do these tax law changes mean to you? How will these changes affect your business? Email us at info@corrigankrause.com.

Archives