Yesterday, on April 3, the Senate Finance Committee overwhelmingly approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014 with a strong bipartisan vote, setting the stage for Congress to address. The bill extends many long awaited business tax extenders that originally expired at the end of 2013 and modifies certain tax provisions. Some of the key temporary tax benefits in this bill include:
- R&D Tax Credit Extended & Modified
Research credits for qualified research activities would be extended for two years through the end of 2015. Additionally, the credits would now offset AMT, and would be expanded to qualifying startup businesses, allowing the credits to offset payroll taxes. » Find out if you qualify
- §179D Energy Efficiency Deductions for Commercial Buildings
Deductions of up to $5 per square foot for energy efficient commercial building property would be extended for two years through the end of 2015. Additionally, it has been modified to allow non-profits and tribal governments to allocate deductions to architects and engineers just as other governmental agencies have. » Find out if you qualify
- §45L Energy Efficiency Credits for Multifamily & Residential Developers
Two year extension would allow Apartment developers and Home builders to be eligible for a $2,000 tax credit for every new energy efficient dwelling unit that is first leased or sold by the end of 2015. Taxpayers also have the ability to amend returns to claim missed tax credits from previous years.
» Find out if you qualify
- 50% Bonus Depreciation & §179 Expensing Thresholds Extended
Section 179's increased expensing amounts would be extended through 2015. 50% Bonus Depreciation provisions would be extended through the end of 2015 as well (2016 for certain property).
» Find out the tax benefits you get from your building & improvements
- 15-Year Life for Qualified Real Property
Two year extension would allow for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property to have a 15- year depreciation recovery period through the end of 2015.
» Find out if you qualify
- Hiring & Employment Credits Extended
Work Opportunity Tax Credits and Empowerment Zone Tax Incentives would be extended through the end of 2015. » Find out if you qualify
KBKG's multi-disciplinary team of tax experts and engineers can help taxpayers & their CPAs capitalize on the latest tax extenders. To learn how R&D Tax Credits, Cost Segregation, Green Building Tax Incentives, and Hiring Tax Credits can benefit you, please call us today.