A package of tax extenders that apply to 2015 tax returns was signed into law Friday. With tax season on the horizon, tax preparers should review more than 50 tax provisions that affect families and businesses. Many of the provisions that expired on Dec. 31, 2014 were temporarily extended for two to five years or made permanent.
A complete list of the items extended, made permanent or modified is found in the extender bill, or H.R. 2029: the “Consolidated Appropriations Act, 2016.” The bill was passed by the House and the Senate at the end of last week and signed into law by President Obama on Friday.
At least two of the tax breaks are of special interest to businesses: the Research and Development Tax Credit and Section 179 Expensing for Capital Investment. Other highlights include an expanded Child Tax Credit and Earned Income Tax Credit. Both were made permanent.