Tax Increase Prevention Act of 2014

House Ways and Means Chairman Dave Camp (R-MI) introduced this bill in December 2014. Like previous “tax extender” legislation, this bill preserved a wide array of tax provisions, including S-CORP priorities like the reduced five-year built-in gains holding period and the basis adjustment fix for charitable contributions. The package, however, was a one year retroactive extension of the expired provisions through 2014, and therefore expired only two weeks after becoming law.