Senate Finance Committee approves renewal of expired tax provisions

Yesterday, on July 21st, the Senate Finance Committee repeated history by overwhelmingly approving a 2-year extension of over 50 expired tax provisions with a strong bipartisan vote, setting the stage for Congress to address later this year. The bill extends many long awaited business tax extenders that originally expired at the end of 2014 and modifies certain tax provisions. Some of the key temporary tax benefits in this bill include:

• R&D Tax Credit Extended & Modified
  Research credits for qualified research activities would be extended for two years through the end of 2016. Additionally, the credits would now allow eligible small businesses to offset AMT and a portion of payroll taxes. » Find out if you qualify
  
• §179D Energy Efficiency Deductions for Commercial Buildings
  Deductions of up to $1.80 per square foot for energy efficient commercial building property would be extended for two years through the end of 2016. Additionally, it has been modified to allow non-profits and tribal governments to allocate deductions to architects and engineers just as other governmental agencies have.» Find out if you qualify
  
• §45L Energy Efficiency Credits for Multifamily & Residential Developers
  Two year extension would allow apartment developers and homebuilders to be eligible for a $2,000 tax credit for every new energy efficient dwelling unit that is first leased or sold by the end of 2016. Taxpayers also have the ability to amend returns to claim missed tax credits from previous years.
  » Find out if you qualify
  
• 50% Bonus Depreciation & §179 Expensing Thresholds Extended 
  Section 179’s increased expensing amounts would be extended through 2016. 50% Bonus Depreciation provisions would be extended through the end of 2016 as well (2017 for certain property). 
  » Find out the tax benefits you get from your building & improvements
  
• 15-Year Life for Qualified Real Property
  Two year extension would allow for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property to have a 15- year depreciation recovery period through the end of 2016.
  » Find out if you qualify 
  
• Hiring & Employment Credits Extended
  Work Opportunity Tax Credits and Empowerment Zone Tax Incentives would be extended through the end of 2016. » Find out if you qualify