The President has signed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).
Below is more information on the Act’s provisions.
Made permanent:
- Enhanced Child Tax Credit
- Enhanced American Opportunity Tax Credit
- Enhanced Earned Income Tax Credit
- Above-the-line educator deduction
- Sales tax deduction
- Enhanced mass transit and parking pass benefits
- IRA-to-charity — California automatically conforms
- R&D credit
- IRC §179 — enhanced
- Enhanced exclusion of gain on sale of small business stock
- Built-in gains holding period
Extended through 2016:
- Qualified tuition deduction
- Nonbusiness Energy Property Credit
- COD principal residence exclusion
- Mortgage insurance premium deductible as interest
Extended through 2019:
- Bonus depreciation — phases out
- First year bonus depreciation on automobiles — enhanced
- Work Opportunity Tax Credit