Congress’s Joint Committee on Taxation has released a list of tax provisions that expired at the end of last year, as well as several scheduled to end this year and in subsequent years.
Among the provisions that expired Dec. 31, 2007, were the credit for certain nonbusiness energy property, and an election to include combat pay as earned income for purposes of the Earned Income Tax Credit. The tax credit for research and experimentation expenses, and the Indian employment tax credit, also expired. Also on the chopping block were provisions allowing tax-free distributions from individual retirement plans for charitable purposes.
Among the casualties at the end of February 2008 will be several Airport and Airway Trust Fund excise taxes, including domestic and international air passenger ticket taxes and an air cargo tax. Expiring on Aug. 17, 2008, will be reporting on certain acquisitions of interest insurance contracts in which certain exempt organizations hold an interest.
The end of this year will see the expiration of the credit for residential energy efficient property, as well as incentives for biodiesel and renewable diesel. Also set to expire on Dec. 31, 2008, is a credit for construction of new energy efficient homes, a mine rescue team training credit and an increased credit for business solar energy property. For the full list of expiring tax provisions, go to http://www.house.gov/jct/x-1-08.pdf.
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