Update: The Senate passed this bill on December 16, sending it to President Obama for his signature.
It’s not a done deal yet, but Congress appears to be heading toward a one-year extension, through 2014, of various tax provisions that expired at the end of 2013. Many extenders are included in various categories including business and energy. Here are the extenders for individuals:
- Tax-free distributions from IRAs for charitable purposes
- Deduction of state and local sales tax
- Above-the-line deduction for qualified tuition
- Mortgage insurance premiums treated as interest
- Parity for employer-provided mass transit and parking
- Exclusion of income from discharge of certain mortgage debt
- Contributions of real property for conservation purposes
- Deduction for certain teachers’ expenses
The House passed the bill 378-46
but the Senate has yet to act and the Senate has now passed it as well.