2015 PATH Act for Businesses

Educational Articles | 03.15.2016

The recently enacted Protecting Americans from Tax Hikes Act of 2015 (2015 PATH Act) revived and extended several tax stimulus provisions that previously were set to sunset in 2014. Some of these provisions are now permanent and others are extended two or five years, which is positive news for many businesses!

The permanent and extended business credits and special depreciation and expensing rules include:

  • 15-year straight line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements;
  • Section 179 deduction limit of $500K made permanent with future indexing;
  • 50% Bonus depreciation extended through 2017;
  • the research credit;
  • the minimum low-income housing tax credit rate for non-federally subsidized new buildings;
  • the military housing allowance exclusion for determining whether a tenant in certain counties is low-income (differential wage payment credit);
  • the employer wage credit for activated military reservists;
  • the work opportunity tax credit;

For additional information about these important tax changes, read the full report here.

Need help understanding how these changes affect you? Contact Burkett Burkett & Burkett Certified Public Accountants, P.A. to learn more.

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