Tax Increase Prevention Act of 2014

(Although this measure has not been amended since it was passed by the House, the text was changed by H. Con. Res. 124, which made enrollment corrections, and the summary has been modified as necessary.)

Division A: Tax Increase Prevention Act of 2014 - Tax Increase Prevention Act of 2014 - Title I: Certain Expiring Provisions - Subtitle A: Individual Tax Extenders - (Sec. 101) Extends through 2014:

the tax deduction of expenses of elementary and secondary school teachers;

the tax exclusion of imputed income from the discharge of indebtedness for a principal residence;

the equalization of the tax exclusion for employer-provided commuter transit and parking benefits;

the tax deduction of mortgage insurance premiums;

the tax deduction of state and local general sales taxes in lieu of state and local income taxes;

the tax deduction of contributions of real property interests for conservation purposes;

the tax deduction of qualified tuition and related expenses; and

the tax exemption of distributions from individual retirement accounts for charitable purposes.

Subtitle B: Business Tax Extenders - (Sec. 111) Extends through 2014:

the tax credit for increasing research activities;

the low-income housing tax credit for newly-constructed non-federally subsidized buildings;

the Indian employment tax credit;

the new markets tax credit;

the tax credit for qualified railroad track maintenance expenditures;

the tax credit for mine rescue team training expenses;

the tax credit for differential wage payments to employees who are members of the Uniformed Services;

the work opportunity tax credit;

authority for issuance of qualified zone academy bonds;

the classification of race horses as three-year property for depreciation purposes;

accelerated depreciation of qualified leasehold improvement, restaurant, and retail improvement property, of motorsports entertainment complexes, and of business property on Indian reservations;

accelerated depreciation of certain business property (bonus depreciation) and the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation;

the special rule allowing tax deductions of food inventory by non-corporate taxpayers;

The summary continues for 65 more paragraphs. Read it in full on Congress.gov

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on December 19, 2014. It describes the bill, it is not the legal text.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.