Congress Passes Tax Extenders, New Legislation for the Disabled
New Bill Extends Tax Breaks (Act Now!)
The Tax Increase Prevention Act of 2014 — passed by Congress on Tuesday — temporarily extends more than 50 individual, business and energy tax breaks that lapsed at the end of 2013. Tax breaks included in this bill are extended retroactively through 2014; however, they are set to expire again on December 31, 2014.
Highlights of the bill include the following:
• The research and development (R&D) credit
• Bonus depreciation of 50% for new assets
• Section 179 expense limits set back to $500,000
• Qualified leasehold, retail improvements and restaurant property
Additionally, the bill includes a number of other tax changes unrelated to tax extenders.
New Legislation for the Disabled
Congress has also passed the “Achieving a Better Life Experience Act of 2014.” This bill establishes a new type of tax-advantaged account for disabled individuals, enabling them to save money for future needs while remaining eligible for government benefit programs. President Obama is expected to sign the bill soon.
Don’t wait to take action…
Please contact your accountant to find out how this newly passed legislation could benefit you.