![]() ![]() Qualifying debt eligible for the break would be cut from $2 million to $750,000, however. ![]() Several other provisions would get five-year extensions, including a key benefit for homeowners underwater on their mortgages, allowing them to escape big tax bills for debt forgiveness. Benefits for volunteer firefighters and emergency medical responders, including an exclusion of certain state and local benefits from gross income.An above-the-line deduction for qualified tuition and related expenses for higher education of $4,000 for individuals with AGI not exceeding $65,000, or $130,000 for joint filers.Unless extended, only expenses exceeding 10 percent of AGI will be deductible next year. The deductibility of medical expenses amounting to more than 7.5 percent of a taxpayer’s adjusted gross income.Other provisions that would be made permanent include: The measure would also permanently extend a popular 50 percent tax credit for short-line railroad track maintenance, though at a reduced rate of 40 percent starting in 2023. 31, which threatened the survival of some operations since the industry relies heavily on tasting rooms and other consumer contacts that have fallen off during the pandemic.Ī $1.80 per square foot tax credit on expenditures to make commercial buildings more energy efficient would also be made permanent under the proposal, with the credit indexed for inflation and updated efficiency standards. Small distillers were scheduled to lose an 80 percent cut in their excise taxes on Dec. “This is a huge sigh of relief for struggling craft distillers who have been on pins and needles awaiting the outcome of these discussions,” Chris Swonger, president and chief executive of the Distilled Spirits Council, said in a statement. These small businesses, located in every state and almost every congressional district, waged an intensive lobbying campaign to protect tax breaks that were estimated to cost the Treasury $950 million for a one-year extension that expires Dec. Lawmakers are primed to make excise tax cuts for some 20,000 small brewers, wineries and distilleries permanent in an emerging year-end tax package being grafted onto an omnibus spending bill, according to sources familiar with the tax package who spoke on condition of anonymity. ![]()
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