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Tax Extenders 2020 Impact: Taxpayer Certainty & Disaster Relief Act of 2019

Updated: Mar 4, 2020

On December 19, 2019 Congress passed a budget deal to keep the government open, and included in the bill was the Taxpayer Certainty and Disaster Tax Relief Act of 2019.” The Senate passed the legislation and President Trump signed the spending bill on December 20, 2019.


The provisions in the deal will reward certain industries and businesses with tax breaks that could add more than $427 billion to the federal debt over the next decade, according to the congressional Joint Committee on Taxation.


The Act extends certain expiring provisions including:


Subtitle A—Tax Relief and Support for Families and Individuals

  • Sec. 101. Exclusion from gross income of discharge of qualified principal residence indebtedness.

  • Sec. 102. Treatment of mortgage insurance premiums as qualified residence interest.

  • Sec. 103. Reduction in medical expense deduction floor.

  • Sec. 104. Deduction of qualified tuition and related expenses.

  • Sec. 105. Black lung disability trust fund excise tax.


Subtitle B—Incentives for Employment, Economic Growth, and Community

Development

  • Sec. 111. Indian employment credit.

  • Sec. 112. Railroad track maintenance credit.

  • Sec. 113. Mine rescue team training credit.

  • Sec. 114. 7-year recovery period for motorsports entertainment complexes.

  • Sec. 115. Accelerated depreciation for business property on Indian reservations.