Tax Extenders Due to Expire at Year’s End

A number of temporary tax provisions or extenders are due to expire on December 31, 2009 if Congress does not extend them before the year’s end.  Feeley & Driscoll’s tax team intends to closely monitor Congressional reports and reviews on some of the following tax credits. If you have questions between now and year’s end, please feel free to contact an accountant or consultant at Feeley & Driscoll via Email or call us at 1 (888) 875-9770.

Expiring Provisions include:

• Estate Tax
• Tax credit research and experimentation
• New Markets Tax Credit
• Tax credit for holders of qualified zone academy bonds
• Tax credit for first-time D.C. homebuyers
• Possession Tax Credit with respect to American Samoa
• Credit for Certain Railroad Track Expenditures
• Enhanced deduction for corporate contributions of computer equipment for educational purposes
• Enhanced deduction for contributions of food inventory
• Enhanced deduction for contributions of book inventory to public schools
• Basis adjustment to stock of S corporations making charitable contributions
• Contributions of capital gain real property made for conservation purposes
• 15-year straight-line cost recovery for qualified leasehold improvements
• 15-year straight-line cost recovery for qualified restaurant improvements
• Accelerated depreciation for property on Indian reservations
• Seven-year cost recovery period for motor sports entertainment complexes
• State and local sales tax deduction
• Expense deduction for elementary and secondary school teachers
• Deduction for tuition and related expenses
  
  

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