Reinstatement of 2013 Tax Law

2014 reinstated tax laws that expired 12/31/13 for business


Business tax incentives extended through 2014 include: The increased expensing limitations and treatment of certain real property as Sec. 179 property;
The provision allowing 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements;
The bonus first-year depreciation (for certain property with longer production periods, the property must be placed in service before Jan. 1, 2016);
The exclusion of 100% of gain on certain small business stock;
The allowance for basis adjustments to stock of S corporations making charitable contributions of property;
The reduction in S corporation recognition period for built-in gains tax;
The work opportunity tax credit;
The Research & Development credit;
The temporary minimum low-income housing tax credit rate for non-federally subsidized buildings;
The empowerment zone tax incentives;
The military housing allowance exclusion for determining whether a tenant in certain counties qualifies as low-income under the Housing Assistance Tax Act of 2008,
The Indian employment tax credit;
The new markets tax credit (and carryovers of the unused limitation are extended through 2019);
The railroad track maintenance credit;
The mine rescue team training credit;
The employer wage credit for employees who are active duty members of the uniformed services;
The provision classifying certain race horses as three-year property;
The provision allowing a seven-year recovery period for motorsports entertainment complexes;
The provision allowing accelerated depreciation for business property on an Indian reservation;
The election to accelerate the alternative minimum tax credit in lieu of bonus depreciation (and special rules were added for round 4 extension property);
The enhanced charitable deduction for contributions of food inventory;
The election to expense mine safety equipment;
The special expensing rules for certain film and television productions;
The deduction allowable with respect to income attributable to domestic production activities in Puerto Rico;
The modification of tax treatment of certain payments to controlling exempt organizations;
The treatment of certain dividends of regulated investment companies (RICs);
The treatment of RICs as qualified investment entities under the Foreign Investment in Real Property Tax Act,
The subpart F exception for active financing income;
The look-through treatment of payments between related controlled foreign corporations under foreign personal holding company rules;
The temporary increase in the limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands;
The American Samoa economic development credit under the Tax Relief and Health Care Act of 2006.
Answer Provided by: CPAdirectory

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