Individual Tax Extenders Through 2016:
- Tax deduction for the expenses of elementary and secondary school teachers. Expands such deduction to include expenses in connection with the professional development activities of an educator.
- Exclusion from gross income of discharged mortgage debt for a principal residence.
- Equalization of the tax exclusion for employer-paid mass transit and parking benefits. Expands such exclusion to include bike sharing programs.
Other Extensions through 2016:
- Tax deduction for mortgage insurance premiums;
- Tax deduction for state and local general sales taxes in lieu of state and local income taxes;
- Tax deduction for contributions of property made for conservation purposes;
- Deduction from gross income for qualified tuition and related expenses; and
- Tax free distributions from individual retirement accounts for charitable purposes.
Energy Extenders through 2016:
- Tax credit for residential energy efficiency improvements. Modifies energy efficiency standards for windows, doors, skylights, roofing, water heaters, biomass stoves, and oil furnace or hot water boilers. The maximum resident energy credit is unchanged at $500 and reduced by energy credits received in previous years.
- Tax credit for new qualified fuel cell motor vehicles, alternative fuel vehicle refueling property (charging station) and two-wheeled plug-in electric vehicles.