Tax Tip Tuesday: Extender Tax Bills
We have been keeping you updated on the status of the extenders bill, which Congress has yet to pass. But as a start, at least the Ways & Means Committee has approved some tax bills.
On September 17, the Ways & Means Committee approved the following tax-related bills:
H.R. 2940: the “Educator Tax Relief Act of 2015” — would make the above-the-line deduction for certain expenses of elementary and secondary school teachers permanent and annually adjust the $250 amount for inflation, was approved, as amended, by a vote of 23 to 13.
H.R. 2510 — would modify and make permanent bonus depreciation, was approved, as amended, by a vote of 24 to 13.
H.R. 765, the “Restaurant and Retail Jobs and Growth Act” — would permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property, was approved, as amended, by a vote of 24 to 12.
Even though these have not passed Congress yet, it is good to see that they are attempting to make these sections permanent. We will continue to follow these bills and let you know what get full approval.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein