Protecting Americans From Tax Hikes Act Of 2015 (H.R. 2029)


Negotiators agreed to a package of tax and a package of spending provisions in December 2015. Unlike previous “tax extenders”, which lasted for only a year or two at a time, this bill made permanent the 5-year recognition period for built-in gains (BIG) and a basis adjustment to ensure S corporation owners can receive full charitable deductions on contributions. Other provisions made permanent were the R&E tax credit and small business expensing. Another segment of provisions were extended five years, such as bonus depreciation and CFC look-through. The remaining extenders provisions were renewed for two years.