Congress passed a bill this week which includes several retroactive tax law changes for 2017. Over 30 extender provisions, which are tax laws that have not been made permanent and need to be approved by Congress each year, are included in the bill. Many of the extenders offer tax breaks to individuals and businesses. We have noted below key tax provisions extended by the bill which could impact your 2017 taxes.
- Energy efficient home improvement tax credit of up to $500 (subject to lifetime limit of $500)
- Itemized deduction for mortgage insurance premiums (subject to phase-out)
- Above-the-line for higher education expenses of up to $4,000 (subject to phase-out)
- Energy efficient credit for multifamily and residential developers of up to $2,000 for each new or rehabbed energy efficient dwelling unit that is first leased or sold by the end of 2017
- Energy efficient deduction for energy efficient equipment installed in commercial buildings of up to $1.80 per square foot for energy efficient commercial building property
For a full list of tax provisions extended by the Congress’ bill, click here.