We use cookies to improve your experience and optimize user-friendliness. Read our cookie policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.

Budget Deal Retroactively Extends Expired Tax Provisions

Budget Deal Retroactively Extends Expired Tax Provisions

On February 9, the “Bipartisan Budget Act of 2018” was signed into law.  The two-year budget agreement, which continues funding for the government through March 23, 2018, retroactively extends for one year over 30 tax provisions which had expired at the end of 2016.  As such, taxpayers can claim any applicable tax breaks on their 2017 income tax return.
Below are the expired tax provisions that have been extended by the Bipartisan Budget Act of 2018:

Provisions Extended through
Renewable Energy Provisions
Extension of credit for nonbusiness energy property. 2017
Extension and modification of credit for residential energy property. 2022, subject to rate reductions in later years
Extension of credit for new qualified fuel cell motor vehicles. 2017
Extension of credit for alternative fuel vehicle refueling property. 2017
Extension of credit for 2-wheeled plug-in electric vehicles. 2017
Extension of second generation biofuel producer credit. 2017
Extension of biodiesel and renewable diesel incentives. 2017
Extension of production credit for Indian coal facilities. 2017
Extension of credits with respect to facilities producing energy from certain renewable resources. 2017
Extension of credit for energy-efficient new homes. 2017
Extension and phase-out of energy credit. Makes expiration date and phase-out schedule consistent across properties with different sources of energy. Phases out through 2022.
Extension of special allowance for second generation biofuel plant property. 2017
Extension of energy efficient commercial buildings deduction. 2017
Extension of special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities. 2017
Extension of excise tax credits relating to alternative fuels. 2017
Extension of Oil Spill Liability Trust Fund financing rate. Reinstated on the first day of the first calendar month following enactment of the bill.
Modifications of credit for production from advanced nuclear power facilities. Allows Treasury Secretary to reallocate unused capacity after January 1, 2021.
Individual Provisions
Extension of exclusion from gross income of discharge of qualified principal residence indebtedness. 2017
Extension of mortgage insurance premiums treated as qualified residence interest. 2017
Extension of above-the-line deduction for qualified tuition and related expenses. 2017
Miscellaneous Provisions
Extension of Indian employment tax credit. 2017
Extension of railroad track maintenance credit. 2017
Extension of mine rescue team training credit. 2017
Extension of classification of certain race horses as 3-year property. 2017
Extension of 7-year recovery period for motorsports entertainment complexes. 2017
Extension of accelerated depreciation for business property on an Indian reservation. 2017
Extension of election to expense mine safety equipment. 2017
Extension of special expensing rules for certain productions. 2017
Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico. 2017
Extension of special rule relating to qualified timber gain. 2017
Extension of empowerment zone tax incentives. 2017
Extension of American Samoa economic development credit. 2017

If you have questions about any of the ACA tax provisions, please contact your Withum tax advisor or fill out the form below and we’ll reach out to you shortly.

Author: CJ Stroh, Esq. | cstroh@withum.com and David Springsteen, CPA, MBA, Partner | dspringsteen@withum.com

 

How Can We Help?

Previous Post
Next Post
Article Sidebar Logo Stay Informed with Withum Subscribe
X

Get news updates and event information from Withum

Subscribe