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Congress extends expiring tax breaks

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in Small Business Tax

As part of the federal bailout law, Congress passed new legislation extending several expired tax breaks and patching the AMT once again. The changes in the “Economic Stabilization Act of 2008” include:

  • An increase in the AMT exemption amounts for 2008
  • A two-year extension (through 2009) of the option to deduct state and local sales taxes
  • A two-year extension (through 2009) of above-the-line deductions for higher education expenses ($4,000 maximum) and educator expenses ($250 limit)
  • Extension through 2009 of the additional standard deduction for property taxes for nonitemizers
  • Extension through 2009 of the option for tax-free distributions from IRAs to charity
  • Extension through 2009 of the research credit (with certain modifications)
  • Extension through 2009 of the 15-year write-off for qualified leasehold and restaurant improvements
  • Extension and expansion of various clean-energy tax incentives

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