On Tuesday, the Senate passed H.R. 5771, which retroactively extends a package of expired tax incentives for 2014. The President signed H.R. 5771 into law on Friday. These extensions are included in the package: · The section 179 tax deduction: farmers will be able to claim $500,000 on capital investments for 2014 · The tax credit for increasing research activities · The Indian employment tax credit · The new markets tax credit · The tax credit for differential wage payments to employees who are active duty members of the Uniformed Services · The tax exemption of distributions from individual retirement accounts (IRAs) for charitable purposes. For a complete summary of 2014 tax incentive extensions, go to rules.house.gov/sites/republicans.rules.house.gov/files/113-2/PDF/113-HR5771-SxS.pdf
Posted on: Sat, 20 Dec 2014 23:58:35 +0000
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