The 2017 Tax Extender Bill was passed on February 9, resurrecting no less than 32 provisions which were to have sunset December 31, 2016. In fact, a number of these provisions would/could have impacted 2017 tax planning, had they been been taken up in a timely manner, but so it goes. Nevertheless, there are some important points to bear in mind for this tax season.Here’s the short list of items with a possible (and more likely) impact on personal returns being filed this season:
- Residential energy credit
- Alternative fuel refueling credit
- Energy credit for most alternative fuels (extended through 2020)
- Exclusion of Cancellation of Debt income on qualified home residence debt
- Deduction of mortgage insurance premiums as mortgage interest
- Above-the-line tuition and fees deduction
There were some others, as well, but the above list probably impacts the widest group of returns.
If you filed your return prior to February 9 and feel that any of the above may have been useful to you, you may want to think about amending your return. We are not currently aware of any state provisions which followed onto the above, but it is conceivable that some state returns may be impacted.