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Details:
• An additon is required on the 2011 income tax return for taxpayers claiming bonus depreciation and section 179 expense deduction.
• A deduction is allowed for individuals who added back bonus depreciation and section 179 expense deductions on their 2010 income tax return.
• A tax credit for children with disabilities who require special education is available to certain taxpayers.
• Under the American Recovery and Reinvestment Act (ARRA), P.L. 111-5, an Eligible Small Business (ESB) could elect to carry back an NOL from tax year 2008 for three, four, or five years, rather than the standard two years.
• Extend Sunset for Mill RehabilitationTax Credits
• Other Adjustments to Taxable Income – Future Deduction of NOL Addition:
• Extend Sunset for Tax Credit for Recycling Oyster Shells
• Extend Sunset for Tax Credits for Qualified Business Investments
• Temporary unemployment insurance refundable tax credit
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