HOUSTON, Dec. 17, 2019 /PRNewswire/ -- alliantgroup is excited that Congressional leaders have reached a late tax deal that will extend a number of popular tax provisions, including the Section 179D deduction for Energy Efficient Commercial Buildings.
The deal, reached late Monday by key Congressional leaders, also extended the Work Opportunity Tax Credit (WOTC), among other powerful provisions for U.S. taxpayers.
"The good news is that these key provisions will live another day. The fight will come back in 2020, but 179D was put back in, making it possible to gain the support needed to make this key provision permanent," said former U.S. Congressman and alliantgroup Strategic Advisory Board Member Rick Lazio.
The deal also eliminated three tax provisions from the Affordable Care Act, including the excise tax on medical devices, the tax on high-end health insurance (also known as the Cadillac Tax) and the excise tax on health insurance providers known as the Health Insurance Tax.
"When it comes to taxes -- Santa came early and he came big. Lots of good news for families and businesses in the tax provisions – permanently eliminating a number of unpopular taxes from the Affordable Care Act and also extending a host of popular taxes," said Dean Zerbe, alliantgroup's National Managing Director.
Congress also added in the SECURE Act, which through broad bipartisan support includes a number of reforms to retirement planning.
Although no deal on technical corrections of the tax reform bill or the expansion of refundable credits were reached, a clean extenders bill came to pass with a variety of credits and deductions seeing new life, including the biodiesel tax credit which was extended until 2022 and the short-line railroad credit extended until 2023.
"We're thrilled to see so many valuable tax incentives extended, particularly 179D, which is such an incredibly powerful tax deduction that helps improve the quality of our environment while lowering operating costs," said alliantgroup CEO Dhaval Jadav. "This is an amazing reward and great news for architects, engineers, contractors and others who are helping the U.S. become a leader in this space."
alliantgroup is a management consulting company with a mission to strengthen American businesses through reinvestment in innovation and job growth. We educate businesses, the industry groups that serve them and the accounting firms that advise them on federal and state credits and incentives that are legislated by our government to keep the U.S. competitive in the global landscape. We are proud to have helped over 16,000 businesses claim more than $8 billion in credits and incentives. alliantgroup is headquartered in Houston, Texas with additional offices located in Austin, Boston, Chicago, Indianapolis, New York, Irvine, Sacramento, Washington, D.C.; and Bristol and London in the U.K. For more information, visit alliantgroup and engage with us on LinkedIn, Facebook, Twitter and YouTube.