When the Senate and House reconvene for the lame-duck session shortly after the elections…
To-do tasks include expiring tax provisions for individuals and business. Contrary to popular belief, 2015’s tax law didn’t make permanent all of the extenders. The exclusion of up to $2 million of forgiven debt on primary homes expires Dec. 31, as do the write-offs for private mortgage insurance and college tuition and the credit for installing energy-efficient windows in one’s residence. Expiring business breaks include accelerated expensing for some Broadway and film production costs and shorter depreciation lives for young racehorses and motor sports complexes.
A slew of breaks for renewable and emerging energy technology also lapse: The 30% credit for geothermal heat pumps, fuel cell property and wind turbines. Plus credits for two-wheeled electric vehicles and biodiesel and other alternative fuels.
There’s a fair chance renewable energy breaks will be extended before Jan.
But odds are legislators will push most of the others to the next Congress.