On February 9, President Trump signed the Bipartisan Budget Act of 2018 into law. The Act contains an extension of over 30 otherwise expired tax breaks. The following is a listing of the more common tax provisions extended by the Act through 2017 (unless otherwise noted):
- Exclusion from gross income of discharge of qualified principal residence indebtedness
- Mortgage insurance premiums treated as qualified residence interest (phases out ratably for AGI from $100,000 to $110,000)
- Above the line deduction for qualified tuition and related expenses for higher education (capped at $2,000 or $4,000 depending on AGI limitations)
- Empowerment zone tax incentives
- Credit for nonbusiness energy property (10% of the amount paid, up to $500.00)
If you have any questions regarding these extended tax provisions, please contact one of RubinBrown’s Tax Services Group professionals for more information.
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