On December 19, President Obama signed the law passed by the lame duck Congress to extend expired tax provisions through the end of 2014. As previously reported, the law retroactively restores provisions that expired at the end of 2013, such as the deduction for state and local sales tax. These provisions are extended only through the end of 2014, so further action from the new Congress will be necessary to make them available in 2015 or later years.
The legislation also includes technical corrections to earlier legislation and provisions making it possible for states to offer ABLE accounts, similar to 529 accounts but used to cover expenses of certain individuals with disabilities.
details: Tax Increase Prevention Act of 2014