Highlights of the projected  2015-2016 Extenders – There were 601 Sections.  Too many to put them all in, but these are the ones I felt were most important to you.  You can trust that I have studied all of them!!  

“PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015”

TITLE I – EXTENDERS

Subtitle A –Permanent Extensions

PART 1 – Tax Relief for Families and Individuals

Section 101. Enhanced child tax credit made permanent.

Section 102. Enhanced American opportunity tax credit made permanent.

Section 103. Enhanced earned income tax credit made permanent.

Section 104. Extension and modification of deduction for certain expenses of elementary

and secondary school teachers.

Section 105. Extension of parity for exclusion from income for employer-provided mass

transit and parking benefits.

Section 106. Extension of deduction of State and local general sales taxes.

PART 2 – Incentives for Charitable Giving

Section 111. Extension and modification of special rule for contributions of capital gain

real property made for conservation purposes.

Section 112. Extension of tax-free distributions from individual retirement plans for

charitable purposes.

Section 113. Extension and modification of charitable deduction for contributions of food

inventory.

Section 114. Extension of modification of tax treatment of certain payments to controlling

exempt organizations.

Section 115. Extension of basis adjustment to stock of S corporations making charitable

contributions of property.

PART 3 – Incentives for Growth, Jobs, Investment, and Innovation

Section 121. Extension and modification of research credit.

Section 122. Extension and modification of employer wage credit for employees who are

active duty members of the uniformed services.

Section 123. Extension of 15-year straight-line cost recovery for qualified leasehold

improvements, qualified restaurant buildings and improvements, and qualified retail

improvements.

Section 124. Extension and modification of increased expensing limitations and treatment

of certain real property as section 179 property.

Section 125. Extension of treatment of certain dividends of regulated investment

companies.

Section 126. Extension of exclusion of 100 percent of gain on certain small business stock.

Section 127. Extension of reduction in S-corporation recognition period for built-in gains

tax.

Section 128. Extension of subpart F exception for active financing income.

PART 4 – Incentives for Real Estate Investment

Section 131. Extension of temporary minimum low-income housing tax credit rates for

non-Federally subsidized buildings.

Section 132. Extension of military housing allowance exclusion for determining whether a

tenant in certain counties is low-income.

Section 133. Extension of RIC qualified investment entity treatment under FIRPTA.

Subtitle B – Extensions through 2019

Section 141. Extension of new markets tax credit.

Section 142. Extension and modification of work opportunity tax credit.

Section 143. Extension and modification of bonus depreciation.

Section 144. Extension of look-thru treatment of payments between related controlled

foreign corporations under foreign personal holding company rules.

Subtitle C – Extensions through 2016

PART 1 – Tax Relief for Families and Individuals

Section 151. Extension and modification of exclusion from gross income of discharge of

qualified principal residence indebtedness.

Section 152. Extension of mortgage insurance premiums treated as qualified residence

interest.

Section 153. Extension of above-the-line deduction for qualified tuition and related

expenses.

PART 2 – Incentives for Growth, Jobs, Investment, and Innovation

Section 161. Extension of Indian employment tax credit.

PART 2 – Incentives for Growth, Jobs, Investment, and Innovation

Section 161. Extension of Indian employment tax credit.

Section 163. Extension of mine rescue team training credit.

Section 164. Extension of qualified zone academy bonds.

Section 165. Extension of classification of certain race horses as 3-year property.

Section 166. Extension of 7-year recovery period for motorsports entertainment

complexes.

Section 167. Extension and modification of accelerated depreciation for business property

on an Indian reservation.

PART 3 – Incentives for Energy Production and Conservation

Section 181. Extension and modification of credit for nonbusiness energy property. Extension of election to expense mine safety equipment.

Section 183. Extension of credit for 2-wheeled plug-in electric vehicles.

Section 206. Prevention of retroactive claims of American opportunity tax credit.

Section 205. Prevention of retroactive claims of child tax credit.

Section 306. Rollovers permitted from other retirement plans into simple retirement

accounts.

Section 309. Prevention of extension of tax collection period for members of the Armed

Forces who are hospitalized as a result of combat zone injuries.

Section 331. Deductibility of charitable contributions to agricultural research

organizations.

TITLE IV – TAX ADMINISTRATION

Subtitle A – Internal Revenue Service Reforms

Section 401. Duty to ensure that IRS employees are familiar with and act in accord with

certain taxpayer rights. The provision amends the tax code to require the IRS Commissioner to

ensure that IRS employees are familiar with and act in accordance with the taxpayer bill of

rights, which includes the right to:

1. be informed;

2. quality service;

3. pay no more than the correct amount of tax;

4. challenge the position of the IRS and be heard;

5. appeal a decision of the IRS in an independent forum;

6. finality;

7. privacy;

8. confidentiality;

9. retain representation;

10. a fair and just tax system.

The provision is effective on the date of enactment.