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“Tax Extender” Bill Signed into Law – Updated 12/21/15

12.16.15

“Tax Extender” Bill Signed into Law – Updated 12/21/15

On Friday, December 18, both houses of Congress passed, and the President signed one of the most consequential pieces of tax legislation in some time. The final legislation is H.R. 2029, the “Consolidated Appropriations Act of 2016.”

Highlights:

  • Business Permanent Extensions:  R&D credit, Enhanced Section 179 deduction, Reduced S Corporation Built In Gains Recognition Period to 5 years instead of 10, R&D credit usable against AMT after 2015 for businesses with less than $50 million in gross receipts.
  • Business Temporary Extension:  Bonus Depreciation (through 2019)
  • Individual tax:  Permanent extension of tax-free distributions from IRAs to charity for individuals over 70-1/2 years of age, not to exceed $100,000 per taxpayer/per year.
  • Numerous other business and individual provisions temporarily and permanently extended.

Please contact your AGP advisor with any questions.

Updated 12/21/15 at 3:00pm

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