Tax Law Changes

The House Ways and Means Committee has drafted a secret “Extenders-Plus” package. This proposal would retroactively reinstate all 29 provisions that expired at the end of 2017 and 2018. This includes the following popular credits/deductions:

  • Credit for certain non-business energy property (sec. 25C(g))

  • Credit for construction of new energy efficient homes (sec. 45L(g))

  • Energy efficient commercial buildings deduction (sec. 179D(h))

  • Exclusion from gross income of discharge of indebtedness on principal residence (sec. 108(a)(1)(E))

  • Deduction for qualified tuition and related expenses (sec. 222(e))

  • Medical expense deduction: adjusted gross income (AGI) floor 7.5 percent (sec. 213(f))

You can read the full proposal here. For more information please contact our office.

Rebekah Roy