The National Directory of Certified Public Accountants

Ask A CPA - Fiscal Cliff Tax Changes

What Provisions Would Have Expired Had Congress Not Made A Retroactive Reinstatement?

There are more than 40 provisions that expired on 12/31/11 that Congress retroactively reinstated. A brief list that may affect taxpayers are: Allowance of personal tax credits against regular tax and AMT under Code Sec. 26(a)(2). Nonbusiness energy property credit under Code Sec. 25C. Above-the-line deduction for up to $250 of certain expenses of elementary and secondary school teachers under Code Sec. 62. Election for itemizers to deduct State and local general sales taxes under Code Sec. 164(b)(5) in lieu of a state and local income taxes Above-the-line deduction for qualified tuition and related expenses under Code Sec. 222. Treatment of mortgage insurance premiums as qualified residence interest under Code Sec. 163(h)(3)(E). Tax credit for first-time District of Columbia homebuyers under Code Sec. 1400C(i). Adoption assistance programs under Code Sec. 137.

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