The Bipartisan Budget Act of 2018 provided a one-year extension (through 2017) of 32 tax provisions at a cost of $15 billion. The list of extensions includes the following:

Renewable Energy

  • Credit for nonbusiness energy
  • Credit for residential energy property
  • Credit for new qualified fuel cell motor vehicles
  • Credit for alternative fuel vehicle refueling property
  • Credit for 2-wheeled plug-in electric vehicles
  • Second generation biofuel producer credit
  • Biodiesel and renewable diesel incentives
  • Production credit for Indian coal facilities
  • Credits with respect to facilities producing energy from certain renewable resources.
  • Credit for energy-efficient new homes
  • Extension and phase-out of energy credit
  • Special allowance for second generation biofuel plant property
  • Energy efficient commercial buildings deduction
  • Special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities
  • Excise tax credits relating to alternative fuels
  • Extension of Oil Spill Liability Trust Fund financing rate
  • Modifications of credit for production from advanced nuclear power facilities

Individual

  • Exclusion from gross income of discharge of qualified principal residence indebtedness
  • Mortgage insurance premiums treated as qualified residence interest
  • Above-the-line deduction for qualified tuition and related expenses

Miscellaneous

  • Indian employment tax credit
  • Railroad track maintenance credit
  • Mine rescue team training credit
  • Classification of certain race horses as 3-year property
  • 7-year recovery period for motorsports entertainment complexes
  • Accelerated depreciation for business property on an Indian reservation
  • Election to expense mine safety equipment
  • Special expensing rules for certain productions
  • Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico
  • Special rule relating to qualified timber gain
  • Empowerment zone tax incentives
  • American Samoa economic development credit

This extenders package does not cover everything that’s in Senate Finance Chairman Orrin Hatch’s (R-UT) extenders bill (S. 2256), but another package might be in play this year. The topic will come up again before lawmakers finalize the FY 2018 omnibus spending bill, which is one of the legislative vehicles targeted by Senate tax writers.