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President signs tax extenders into law

By Alistair M. Nevius, J.D.

Please note: This item is from our archives and was published in 2014. It is provided for historical reference. The content may be out of date and links may no longer function.

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President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, H.R. 5771, which retroactively extends more than 50 expired tax provisions through 2014. Congress sent the bill to him on Dec. 16 before adjourning for the year.

Among the extended provisions are the Sec. 41 research credit, first-year 50% bonus depreciation, and the increased Sec. 179 expensing limits. The act also created tax-favored accounts for disabled taxpayers and institutes inflation adjustments for certain civil penalties. (See complete coverage here.)

—Alistair M. Nevius (anevius@aicpa.org) is the JofA’s editor-in-chief, tax.