The Tax Increase Prevention Act of 2014, sponsored by Rep. Dave Camp (R-Mich.), passed the U.S. Senate last week after clearing the House, and is on its way to the president’s desk for a final signature.
If signed into law, H.R. 5771 will amend the current Internal Revenue code to extend certain expiring provisions relating to individuals, businesses and the energy sector.
For individuals, the legislation will prevent the expiration of many important tax deductions, including those for educators’ expenses, commuter transit benefits, mortgage insurance, contributions of property, tuition expenses and IRA distributions.
For businesses, the act will extend many tax credits critical to the health of the economy, such as those for research expenses, low-income housing, new markets, railroad maintenance, mine rescue team training, charitable contributions of food inventory, and expensing allowances for film and television productions, among others.
The policy would also extend tax incentives within the energy sector, including those for residential energy efficiency improvements, purchase of new energy-efficient homes, second-generation biofuel production, diesel fuel and the production of alternative forms of electricity.
The bill also outlines technical and clerical amendments to an extensive list of previous acts, and would eliminate any deadwood provisions in the Internal Revenue Code.