Tax Extenders

Just a reminder that in February Congress passed a law extending over 30 otherwise-expired tax provisions that were not addressed in the TCJA. Included in the extenders were the Section 179D deduction for energy-efficient commercial buildings, the deduction of mortgage insurance premiums as qualified residence interest, and various energy-related tax credits.

Wait — what?! There’s going to be a sequel?

GOP lawmakers and the White House are getting more serious about a second round of tax cuts, which some say could offer a crucial boost to Republicans facing tough races in 2018. The administration supports a second phase of tax cuts that would include making the individual cuts in the first tax bill permanent. The president has also had discussions with Republican lawmakers about potentially lowering the capital gains rate and indexing it to inflation.