Congress has reached an agreement to extend a wide range of expired tax credits through 2020, with some – including credits for biodiesel and alternative fuels – being put in place through 2022. The deal would renew numerous tax provisions that either expired at the beginning of 2018 or this year or were set to expire as of Jan. 1, 2020.
They include deductions for mortgage insurance premiums, college costs and large medical expenses; excise tax breaks for craft brewers and distillers; credits for employer-paid family and medical leave, investors in low-income communities, and faster depreciation for racehorses and motor sports complexes, among others.
The agreement calls for expired tax credits to be applied retroactively for 2018 and 2019 tax years. The agreement is expected to be quickly approved by the U.S. House of Representatives and Senate.
For more information about tax credits and how to apply them retroactively to 2018 and 2019 tax returns, please contact our Tax Department at (781) 407-0300.