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Some popular tax breaks renewed in big government funding bill
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Trade Publication Article
Some popular tax breaks renewed in big government funding bill
2019
Overview
WASHINGTON - A raft of expired and expiring tax breaks, including deductions for mortgage insurance premiums, college tuition and large medical bills, would be renewed under a massive government-wide funding bill approved by the Democratic-controlled House. The action comes a few days before the second anniversary of passage of President Donald Trumps massive 2017 tax law, his signature legislative achievement The package of individual and corporate tax cuts that the Republicans muscled through Congress was the most extensive rewrite of the U.S. tax code in three decades, adding an estimated $1.5 trillion to the ballooning deficit It provided steep tax cuts for corporations and the wealthiest Americans, and more modest reductions for middle- and low-income individuals and families. In addition to the deduction for mortgage insurance, college tuition and big medical bills, it includes extensions of several measures to boost renewable energy sources, such as a wind energy tax credit and a biodiesel credit eagerly sought by soybean growers.
Publisher
Rochester Business Journal
