Capital Expenditure Incentives and Estate Planning Opportunities for 2011-2012
Lancaster Chamber Reports: The press has focused on the extension of the Bush Tax Cuts and the 2% payroll tax holiday effective only for 2011 for employees and self-employed individuals. If you want to read a detailed review of those provisions, visit our website at www.wdgbt.com. Almost all of the provisions relating to rate reduction, personal deductions, personal credits and the 100-plus extenders which are now needed every year to keep the complexity of the tax code in place were addressed in the bill. What you need is a scorecard for what was extended through 2011 versus what was extended through 2012. A couple notable exceptions to the extended items were the residential energy credit which was trimmed from a $1,500 credit to a $500 credit, the deduction for property taxes of non-itemizers, and the new home ownership credit which was eliminated except for new homes purchased in Washington, D.C.