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.

^{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.}