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.