Will Congress revive already-expired tax breaks?

Many valuable tax breaks expired at the end of 2011. But they aren’t dead in the water; it’s likely Congress will revive at least some of them. Here are several that may benefit you or your business if extended:

• The alternative minimum tax (AMT) “patch” (higher AMT exemptions and exemption phaseout ranges),
• The deduction for state and local sales taxes in lieu of state and local income taxes,
• The deduction for qualified higher education tuition and fees,
• Tax-free IRA distributions to charities,
• 100% bonus depreciation,
• The research tax credit,
• Accelerated depreciation for qualified leasehold improvement, restaurant and retail improvement property, and
• Various energy-related tax incentives.

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