Proposed Tax Bill to Extend Profitable Tax Breaks

GOP Chairman and House Republicans Unveil Significant Tax and IRS Package

An end of year tax bill proposed by the Republican Senate plans to extend lucrative tax breaks through the end of 2018, significantly benefiting tax payers.

Late Monday, November 26th, House Ways and Means Committee Chairman Kevin Brady (R-Texas), released an end of year tax package to the public that would have a significant impact on all taxpayers, especially those who can take advantage of the Section 179D Deduction, and the 45L Energy Efficient Home Credit. Along with making edits to the Tax Cuts and Jobs Act and looking to revamp aspects of the IRS, the new bill would extend the tax incentives available for commercial building owners, contractors and builders, and architects through the end of 2018.

The bill is expected to be heavily discussed in Washington amongst the Senate Republicans and Democrats in the days and weeks to come. While a date of a vote has not been announced yet, you can expect National Tax Group to keep readers informed on significant updates.

For a full review of the 297 - page tax and IRS package, read the proposed bill on the United States Government Website here.

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