Tax extenders included in federal budget deal
Included in the Bipartisan Budget Act of 2018 signed by President Trump on February 9, 2018, are extensions of 32 deductions and credits that had expired at the end of 2016, and tax relief for California wildfire victims.
Some of the key provisions that are extended through 2017 include:
- COD principal residence exclusion;
- Mortgage insurance premium interest deduction;
- Above-the-line deduction for qualified tuition and related expenses;
- Nonbusiness energy credit; and
- Credit for electric vehicles.
An expanded residential energy property credit (solar credit) under IRC §25D is extended through 2021.
The bill also provides relief for California wildfire victims for early withdrawals from retirement plans, an expanded employee retention credit, and the elimination of various charitable contribution limits.
The text of the bill can be found here: