On Friday, December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014. The bill, H.R. 5771, extends most of the tax provisions that expired in 2013 retroactively for one year, through the end of 2014.
The bill’s business provisions include, amongst other provisions, extensions of: - Bonus Depreciation;
- Section 179 (The provision would extend the small business expensing limitation and phase-out amounts in effect from 2010 to 2013 [$500,000 and $2 million] to property placed in service during 2014.);
- R&D credit;
- Controlled Foreign Corporation look-through rule; and
- Active Financing Exception under Subpart F.
The extenders bill also includes multiemployer pension plan provisions and a tax technical corrections package.
A section-by-section summary of the bill can be found here. (One note, the section-by-section incorrectly describes Section 158 [energy efficient buildings] as being extended through 2015. It was only extended through 2014.)
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