The Senate Finance Committee has released the legislative text of the tax extenders bill, spelling out the reasons for extending certain tax breaks or for letting them expire, along with dissenting views from a trio of senators.
The bill extends the patch on the alternative minimum tax. Other provisions would extend:
- The above-the-line deduction for elementary and secondary school teachers who purchase school supplies.
- Parity for mass transit and parking benefits.
- The deduction of home mortgage insurance premiums.
- The deduction for state and local taxes.
- The deduction for qualified tuition and related expenses, and for leasehold improvements for restaurants.
The bill would also improve and make permanent the provision allowing the IRS to disclose certain tax return information to prison officials to curb tax fraud by prisoners.
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