2017 Tax Extenders (Passed Feb 9, 2018) 

2017 Tax Extenders (Passed Feb 9, 2018)                   

• 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;
• Indian employment tax credit;
• railroad track maintenance credit;
• mine rescue team training credit;
• classification of certain race horses as three-year property;
• seven-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;
• nonbusiness energy property credit;
• nonresidential energy property credit (extended through 2021 and modified);
• new qualified fuel cell motor vehicles credit;
• 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 of credit for Indian coal facilities (extended to a 12-year period);
• credits with respect to facilities producing energy from certain renewable resources;
• credit for energy-efficient new homes;
• energy credit (extended through 2021 and modified);
• 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;
• oil spill liability trust fund financing rate;
• temporary increase in limit on cover over rum excise taxes to Puerto Rico and the Virgin Islands;
• waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals (extended through December 18, 2018); and
• carbon dioxide sequestration credit (enhanced, modified and generally extended through 2023).