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Focus on Taxation: Bipartisan Budget Act of 2018 - Additional Tax Extenders

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The following is a listing to the tax provisions extended by the Act through 2017 (unless otherwise noted).
February 13, 2018

The following is a listing to the 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)
  • Indian employment tax credit
  • Railroad track maintenance credit
  • Mine rescue team training credit
  • Classification of certain race horses as three-year property
  • Seven-year recovery period for motorsports entertainment complexes
  • Accelerated depreciation for business property on an Indian reservation
  • Election to expense mine safety equipment
  • Special expensing rules for certain film, television and theatrical productions
  • Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico
  • Special rule relating to qualified timber gain
  • Empowerment zone tax incentives
  • American Samoa economic development credit
  • Credit for nonbusiness energy property (10% of the amount paid, up to $500.00)
  • Credit for residential energy property (extended through 2021 and modified)
  • Credit for new qualified fuel cell motor vehicles
  • Credit for alternative fuel vehicle refueling property
  • Credit for 2-wheeled plug-in electric vehicles
  • Second generation biofuel producer credit
  • Biodiesel and renewable diesel incentives
  • Production of credit for Indian coal facilities
  • Credits with respect to facilities producing energy from certain renewable resources
  • Credit for energy-efficient new homes
  • Energy credit (extended through 2021 and modified)
  • Special allowance for second generation biofuel plant property
  • Energy efficient commercial buildings deduction
  • Special rule for sales or dispositions to implement FERC or state electric restructuring policy for qualified electric utilities
  • Excise tax credits relating to alternative fuels
  • Oil spill liability trust fund financing rate
  • Temporary increase in limit on cover over rum excise taxes to Puerto Rico and the Virgin Islands;
  • Waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals (extended through December 18, 2018)
  • Carbon dioxide sequestration credit (enhanced, modified and generally extended through 2023


Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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