On December 19, President Obama signed a one-year tax extenders package into law. The bill, H.R. 5771, includes the Tax Increase Prevention Act of 2014 which extends a package of more than 50 individual, business, and energy provisions through the end of 2014. The House and Senate passed this legislation on December 3 and December 16, respectively.
The summary below lists some of the major provisions which have been extended.
- The option to take an itemized deduction for state and local general sales taxes instead of state and local income taxes.
- The increased contribution limits and carry ...