Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

Expiring Tax Provisions

There are a number of tax provisions that will expire at the end of 2013 unless they are extended, which has usually happened over the past 10 years or so, on a one- or 2-year basis.  Senate Majority Leader Harry Reid tried to bring a one-year extender bill to the Senate on December 19, but it failed.  The Chair of the House Ways and Means Committee announced earlier in December that he would not bring an extender bill this year.  The expiring provisions include: tax-free distributions from IRAs to charities for persons at least age 70 ½; enhanced conservation easement deduction; a number of energy credits and deductions as incentives for alternative fuel cars, energy efficient appliances and improvements to homes and businesses; enhanced depreciation and credits for equipment purchased by businesses; research credits for businesses; and special rules for capital gains on small business stock.

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