Eye glasses, a pen and calculator sit on a piece of paper with Tax and Credits printed on it.

On December 19, 2019 Congress passed the “Taxpayer Certainty and Disaster Tax Relief Act of 2019”.  This act, which is colloquially known as “the extenders” bill, was part of the omnibus spending package passed that will avert the looming government shut down.

The “extenders” are a packet of legislation that contain various tax breaks that have been around for several years, but have finite lives (generally 2-3 years).  Congress then extends these tax breaks after expiration.  This round of legislation includes approximately 30 provisions.  Notable extensions include:

  • Deduction of qualified tuition and related expenses
  • Nonbusiness energy property credit
  • Credit for construction of energy efficient homes
  • 179D Energy efficient commercial buildings deduction
  • Treatment of mortgage insurance premiums as qualified residence interest
  • Exclusion from gross income for discharge of qualified principal residence indebtedness
  • Employer tax credit for paid family and medical leave
  • Work opportunity tax credit

These additional credits and deductions provide a wealth of planning opportunities. Consult with a tax planning professional today to maximize these incentives.

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