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Bipartisan Budget Act of 2018 Extends Expired Tax Provisions

March 14, 2018

By Ralph Loggia

Bipartisan Budget Act of 2018 Extends Expired Tax Provisions

The recently signed Bipartisan Budget Act of 2018 (the “BBA”) retroactively extends 33 provisions that had expired at the end of 2016. The effective date of the provisions extended in the BBA is January 1, 2017. Most of the provisions were extended for only one year. Some of the more popular provisions include the exclusion for discharge of indebtedness on a principal residence, the treatment of mortgage insurance premiums as deductible qualified residence interest, the deduction for qualified tuition and related expenses, and the alternative fuel excise tax credit.

Below is a list of the extended provisions along with their retroactive extended period.

Tax Provisions Extended by the Bipartisan Budget Act of 2018

Renewable Energy Provisions
Credit for nonbusiness energy property. 2017
Modification of credit for residential energy property. 2021, subject to rate reductions beginning in 2020
Credit for new qualified fuel cell motor vehicles. 2017
Credit for alternative fuel vehicle refueling property. 2017
Credit for 2-wheeled plug-in electric vehicles. 2017
Second generation biofuel producer credit. 2017
Biodiesel and renewable diesel incentives. 2017
Production credit for Indian coal facilities. 2017
Credits with respect to facilities producing energy from certain renewable resources. 2017
Credit for energy-efficient new homes. 2017
Residential energy credit. Phases out through 2021.
Special allowance for second generation biofuel plant property. 2017
Energy efficient commercial buildings deduction. 2017
Special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities. 2017
Excise tax credits relating to alternative fuels. 2017
Oil Spill Liability Trust Fund financing rate. Reinstated on the first day of the first calendar month following enactment of the bill.
Modifications of credit for production from advanced nuclear power facilities. Allows Treasury Secretary to reallocate unused capacity after January 1, 2021.
Individual Provisions
Exclusion from gross income of discharge of qualified principal residence indebtedness. 2017
Mortgage insurance premiums treated as qualified residence interest. 2017
Above-the-line deduction for qualified tuition and related expenses. 2017
Miscellaneous Provisions
Indian employment tax credit. 2017
Railroad track maintenance credit. 2017
Mine rescue team training credit. 2017
Classification of certain race horses as 3-year property. 2017
7-year recovery period for motorsports entertainment complexes. 2017
Accelerated depreciation for business property on an Indian reservation. 2017
Election to expense mine safety equipment. 2017
Special expensing rules for certain film, television and qualified live theatrical productions. 2017
Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico. 2017
Special rule relating to qualified timber gain. 2017
Empowerment zone tax incentives. 2017
American Samoa economic development credit. 2017
Temporary increase in limit on cover over of rum excise tax revenues. 2021

Please contact your Mazars USA Tax professional for additional information.

 


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Legal and privacy policy    Contact us    Terms and Conditions