The President has signed the Protecting Americans from Tax Hikes (PATH) Act which extends numerous tax provisions. Some important tax provisions have been made permanent, while others were extended through 2016 or 2019. The PATH Act also adds in other miscellaneous provisions to combat erroneous eduction credit, child tax credit and earned income tax credit claims. Some of the most notable provisions include:
- A permanent extension of the $500,000 Section 179 limit.
- An extension for bonus depreciation through 2019 on qualifying property.
- A permanent extension of the general state and local sales tax deduction.
- A permanent extension of the $250 educator expense deduction.
- An extension for the exclusion from the cancellation of debt of qualified principal residence indebtedness through 2016.
Please call our office with any questions. Wishing you and your family a Merry Christmas!