Protecting Americans from the Tax Hikes Act of 2015

  • May 05, 2018
  • Categories: Taxes

On December 19th, both the House and the Senate passed “The Protecting Americans from the Tax Hikes Act of 2015” Act and will be signed into law within the next few days. This new act does considerably more than just the typical tax extenders legislation has seen in prior years. Once President Obama signs the bill, which is expected to be any day now, it will make permanent over 20 key tax provisions., including the research tax credit, enhanced Code Sec. 179 expensing, and the American Opportunity Tax Credit. Among those, it also extends other provisions including bonus depreciation for five years, revives many others for two years and others have been enhanced. This act also imposes a two-year moratorium on the ACA medical devise excise tax.

If any of the following will impact your 2015 tax year, click here:

Permanent Extensions for Individuals:

  • State & Local Sales Tax Deduction
  • American Opportunity Tax Credit
  • Child Tax Credit
  • Earned Income Credit
  • Teachers’ Classroom Expense Deduction
  • Charitable Distributions from IRAs

Two Year Extensions for Individuals:

  • Qualified Tuition/Related-Expenses Deduction
  • Mortgage Debt Exclusion
  • Mortgage Insurance Premium Deduction

Permanent Extensions for Businesses:

  • Code Sec. 179 Expensing
  • Research Tax Credit
  • Reduced Recognition Period for S Corporation Built-In Gains Tax

Five Year Extensions for Businesses:

  • Bonus Depreciation
  • Work Opportunity Tax Credit

Miscellaneous Provisions:

  • Code Sec. 529 Plans