In a last-minute effort to avoid going over the “Fiscal Cliff”, President Obama signed into law the American Taxpayer Relief Act of 2012 (ATRA). Not only did this legislation address a number of individual and business tax issues, the bill also extended an array of critical tax credits and programs facing expiration. Many of these expiring credits and programs were directly linked to efforts in economic development, renewable energy and workforce incentives.
To continue providing first-class service for their clients, Hickey & Associates, LLC (H&A), assembled a brief summary on a number of these critical provisions signed into law under ATRA. Among the high-profile issues like the Bush-era tax cuts and extension of expiring unemployment benefits, the legislation also included these critical provisions:
Work Opportunity Tax Credit extended through 2013;
Returning Heroes and Wounded Warriors Work Opportunity Tax Credits extended through 2013;
New Markets Tax Credit extended through 2014;
Empowerment Zone Tax Incentives extended through 2013;
Wind Production Tax Credit extended through 2013;
Biofuel Incentive Tax Credit and Biodiesel Tax Credit extended through 2013;
Film Tax Credit extended through 2014.
For more details on these provisions, and information on how to find insight on many more, please download the report below titled: H&A Fiscal Cliff Legislation Report – Jan 2013.