Friday, August 3, 2012

Senate Panel Passes Bipartisan Tax Extenders Bill

The Senate Finance Committee approved legislation Thursday on a 19 to 5 vote extending dozens of tax cuts known as tax extenders, including a two year alternative minimum tax patch.  Other provisions would extend the ability for school teachers to deduct expenses for school supplies, mortgage debt relief to 2013 and the election to take an itemized deduction for state and local general sales taxes in lieu of the itemized deduction permitted for state and local income taxes, along with the above-the-line deduction for qualified tuition-related expenses and tax-free distributions from individual retirement plan for charitable purposes. Energy-related provisions include an extension of the wind energy production tax credit for one year, through Dec. 31, 2013, while changing the "placed in service" date for the wind energy facility to when construction begins.

For more information, see