The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on December 3, and it now goes to President Barack Obama who is expected to sign it into law this week.
Among the highlights of the bill: The research and development (R&D) credit, first-year bonus depreciation, and the increased Sec. 179 expensing limits are all extended.
The bill, H.R. 5771, known as the Tax Increase Prevention Act of 2014, temporarily extends a host of expired individual, business, and energy tax breaks, as well as certain provisions relating to multiemployer defined benefit plans. The bill also makes some technical corrections to prior legislation. It is only applicable to the 2014 tax year and expires on December 31, 2014.
For a complete list of tax incentives that are extended through 2014 click here.
Source: Journal of Accountancy