What are some of the more important tax credits and incentives that would be expiring at the end of 2013?
As such, there are more than 50 such provisions that are scheduled to expire at the end of 2013. The following are 20 of the most important provisions to expire and are as follows;
1) The increase in the § 179 expensing limit to $500,000 with a phase-out threshold of $2,000,000, and an expansion of the definition of § 179 property.
2) Additional 50% bonus depreciation under § 168(k).
3) The election to accelerate AMT credits in lieu of bonus depreciation under § 168(k).
4) The credit for non-business energy property such as energy efficient doors and windows, insulation, and hot water heaters, under § 25C.
5) The employer wage credit for activated military reservists under § 45P.
6) Tax-free distributions from individual retirement plans for charitable purposes under § 408(d).
7) The credit for research and experimentation expenses under § 41.
8) The credit for construction of new energy efficient homes under § 45L.
9) Numerous incentives for biodiesel and renewable diesel under § 40A and § 6426.
10) The credit for energy efficient appliances under § 45M.
11) The work opportunity tax credit under § 51.
12) The exclusion from gross income of cancellation of debt on a qualified principal residence under § 108(a).
13) Parity for exclusion from income for employer-provided mass transit and parking benefits under § 132.
14) Treatment of mortgage insurance premiums as qualified residence interest under § 163(h).
15) The option to deduct State and local general sales taxes under § 164(b).
16) Fifteen-year straight-line cost recovery for qualified leasehold, restaurant, and retail improvements under § 168(e).
17) Seven-year recovery period for motorsports entertainment complexes under § 168(i).
18) Special rules for contributions of capital gain real property made for conservation purposes under § 170(b).
19) The energy efficient commercial buildings deduction under § 179E.
20) The deduction for qualified tuition and related expenses under § 222.