Extension of expiring TAX Provisions

There were many tax provisions that expired as of December 31st, 2016 which meant that they were not available for tax year 2017.

These provisions were not extended in the Tax Cuts and Jobs Act legislation that President Trump signed into law on December 22nd, 2017.

They were extended into tax year 2017 when Congress passed and President Trump signed The Bipartisan Budget Act of 2018 on February 9, 2018.

There were more than thirty (30) provisions extended with this legislation including such arcane topics as Indian reservation property depreciation, Samoa economic development credits, race horse depreciation, mine rescue training, qualified timber gains, motor sports entertainment complexes, California wildfire provisions and expensing rules for film, television and live theatrical productions.

There are six (6) provisions that were extended that may be familiar to taxpayers. They are:

  • Cancellation of qualified principal residence indebtedness exclusion
  • Mortgage insurance premiums (PMI) deduction
  • Tuition and fees deduction

The next three (3) deal with electric vehicles and their charging equipment:

  • Alternative motor vehicle credit for qualified fuel cell motor vehicles
  • Alternative fuel vehicle refueling property credit
  • Electric vehicle credit for highway capable 2-wheeled vehicles

If you would like a complete list of all the extended provisions, visit the “Resources” page of my website to read the article entitled, “Bipartisan Budget Act of 2018” prepared by “The Tax Book”.