I.R.C. § 40

Finally! Congress Enacts Tax Extends Part 6

The Consolidated Appropriations Act of 2016, enacted Dec. 18, 2015, extends a long list of expired tax provisions into the future. Unlike in past extension legislations, Congress extended many provisions permanently. The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years. Without Congress extending these various provisions, millions of Americans were in danger of losing these beneficial tax breaks by 2017.

Energy tax incentives: Provisions for energy expenses extended through 2016 include:

  • § 25C, which provides a 10% credit for qualified nonbusiness energy property. The law also updates the Energy Star requirements.