Today, the House Committee on Ways and Means marked up seven bills that would make permanent several temporary tax breaks and simplify provisions of the tax code.  These bills would:

  • Make permanent increased small business expensing under Section 179
  • Make permanent the rule allowing certain tax-free distributions from IRAs for charitable purposes
  • Permanently extend the higher deduction limits and potential 15-year carry forward of conservation easement gifts
  • Permanently extend the deduction for charitable contributions of food inventory
  • Make permanent the reduced recognition period for built-in gains of S corporations
  • Make permanent rules regarding basis adjustments to stock of S corporations making charitable contributions of property
  • Simplify the current 1% and 2% excise tax on private foundation income with a single 1% rate