Virtual CFO Services - In the recently enacted “Tax Increase
Prevention Act of 2014,” Congress has once again extended a package of expired
or expiring individual, business, and energy provisions known as “extenders.”
The extenders are a varied assortment of more than 50 individual and business
tax deductions, tax credits, and other tax-saving laws which have been on the
books for years but which technically are temporary because they have a
specific end date. Congress has repeatedly temporarily extended the tax breaks
for short periods of time (e.g., one or two years), which is why they are
referred to as “extenders.” The new legislation retroactively extends the tax
breaks, most of which expired at the end of 2013, through 2014, allowing
businesses and individuals to claim them on their 2014 returns.
The
list of extended provisions includes a host of energy-related tax breaks of
importance to businesses and individuals. I'm writing to give you an overview
of the key tax breaks that were extended by the new law. Please read our
Complete Analysis or call our office for details of how the new changes may
affect you or your business.
The
energy provisions which are extended through 2014 include:
the
credit for nonbusiness energy property;
the
second generation biofuel producer credit (formerly cellulosic biofuels
producer tax credit);
the
incentives for biodiesel and renewable diesel;
the
Indian country coal production tax credit;
the
renewable electricity production credit, and the election to claim the energy
credit in lieu of the renewable electricity production credit;
the
credit for construction of energy efficient new homes;
second
generation biofuels bonus depreciation;
the
energy efficient commercial buildings deduction;
the
special rule for sale or disposition to implement federal energy regulatory
commission (FERC) or State electric restructuring policy for qualified electric
utilities;
the
incentives for alternative fuel and alternative fuel mixtures; and
the
alternative fuel vehicle refueling property credit.
I hope
this information is helpful. If you would like more details about these changes
or any other aspect of the new law, please do not hesitate to call.
(651) 621-5777, (952) 583-9108, (612) 224-2476, (763)
269-5396
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