Summary: S.2256 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.2256. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (12/20/2017)

Tax Extender Act of 2017

This bill amends the Internal Revenue Code to extend various expiring tax deductions, credits, and rules.

The bill extends tax credits relating to:

  • Indian employment,
  • railroad track maintenance,
  • mine rescue team training,
  • qualified zone academy bonds,
  • American Samoa economic development,
  • nonbusiness energy property,
  • new fuel cell motor vehicles,
  • two-wheeled plug-in electric vehicles,
  • alternative fuel vehicle refueling property,
  • second generation biofuel producers,
  • biodiesel and renewable diesel,
  • Indian coal facilities,
  • facilities producing energy from renewable resources,
  • energy efficient new homes, and
  • alternative fuels.

The bill extends and modifies the tax credits for:

  • residential energy property,
  • investments in energy property,
  • production from advanced nuclear power facilities, and
  • carbon dioxide sequestration.

The bill also extends provisions relating to:

  • the tax exclusion for the discharge of principal residence indebtedness;
  • the treatment of mortgage insurance premiums as qualified residence interest;
  • deductions for tuition and related expenses, income attributable to domestic production activities in Puerto Rico, and energy efficient commercial buildings;
  • depreciating or expensing various types of property;
  • timber gains;
  • empowerment zones;
  • the cover over of rum excise taxes to Puerto Rico and the Virgin Islands;
  • sales or dispositions to implement electric restructuring policies for electric utilities; and
  • the oil spill liability trust fund.