In late December Congress passed the Tax Increase Prevention Act of 2014, which served to extend more than 50 individual, business and energy tax incentives retroactively to January 1, 2014. The Act includes all of the popular incentives for individuals, such as the state and local sales tax deduction and higher education tuition deduction, as well as many business incentives, including the research tax credit, bonus depreciation and enhanced Code Sec. 179 expensing. A handful of extenders were not renewed, mostly targeted to energy efficiency.
For a complete summary of the Act, you can visit the Resources section of our website (click on the “Tax Increase Prevention Act of 2014” link in the yellow box on the right-hand side of the page), or you can download the 2014 Tax Extender Legislation (PDF).