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1 1 (February 28, 2018)

handle is hein.crs/govcivw0001 and id is 1 raw text is: Researh Sevice Expired Tax Provisions and Tax Extenders Updated February 28, 2018 Revenue measures enacted as part of the Bipartisan Budget Act of 2018 (BBA2018, P.L. 115-123) extended a number of temporary tax provisions that had expired in 2016 or 2017. In the wake of the 2017 tax revision (P.L. 115-97), Congress has indicated an interest in evaluating expired temporary tax provisions or tax extenders. Table 1 provides information on temporary tax provisions and tax extenders. Specifically, the table includes (1) all provisions that expired in 2016 and 2017 and were not addressed in the 2017 tax revision (P.L. 115-97); (2) information on provisions that were extended in BBA2018, including the provisions' current scheduled expiration dates; and (3) for provisions extended in BBA2018, the cost of that extension over the 10-year budget window (FY2018 through FY2027). Before BBA2018, all provisions listed in Table 1 had expired at the end of 2016, except for the Oil Spill Liability Trust Fund excise tax, which had expired at the end of 2017. Generally, BBA2018 extended provisions that had expired in 2016 for one year, through 2017. Since BBA2018 was enacted in 2018, it did not extend expired provisions such that they could provide an incentive for taxpayers in the current tax year. With the 2017 tax revision generally becoming effective in 2018, one perspective is that expired tax provisions were extended through 2017, and are now up for reevaluation under the new tax system taking effect in 2018. Table I.Temporary Tax Provisions and Tax Extenders Estimated Cost of Extension in Extended in Year Provision BBA2018 Provision BBA2018? Expires (billions) Individual Discharge of indebtedness on principal residence excluded Yes 2017 $2.4 from gross income Premiums for mortgage insurance deductible as interest Yes 2017 $1.1 Deduction for qualified tuition and related expenses Yes 2017 $0.4 Business Congressional Research Service https://crsreports.congress.gov IN10848 CRS }NStGHT Prepared for Membes and Cornnittees o4 Co nqress ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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