Tax Increase Prevention Act of 2014

Sponsor: DAVE CAMP (R-MI)

Division A: Tax Increase Prevention Act of 2014 - Tax Increase Prevention Act of 2014 - Title I: Certain Expiring Provisions - Subtitle A: Individual Tax Extenders - (Sec. 101) Extends through 2014: the tax deduction of expenses of elementary and secondary school teachers; the tax exclusion of imputed income from the discharge of indebtedness for a principal residence; the equalization of the tax exclusion for employer-provided commuter transit and parking benefits; the tax deduction of mortgage insurance premiums; the tax deduction of state and local general sales taxes in lieu of state and local income taxes; the tax deduction of contributions of real property interests for conservation purposes; the tax deduction of qualified tuition and related expenses; and the tax exemption of distributions from individual retirement accounts for charitable purposes. Subtitle B: Business Tax Extenders - (Sec. 111) Extends through 2014: the tax credit for increasing research activities; the low-income housing tax credit for newly-constructed non-federally subsidized buildings; the Indian employment tax credit; the new markets tax credit; the tax credit for qualified railroad track maintenance expenditures; the tax credit for mine rescue team training expenses; the tax credit for differential wage payments to employees who are members of the Uniformed Services; the work opportunity tax credit; authority for issuance of qualified zone academy bonds; the classification of race horses as three-year property for depreciation purposes; accelerated depreciation of qualified leasehold improvement, restaurant, and retail improvement property, of motorsports entertainment complexes, and of business property on Indian reservations; accelerated depreciation of certain business property (bonus depreciation) and the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation; the special rule allowing tax deductions of food inventory by non-corporate taxpayers; the increased expensing allowance for business assets, computer software, and qualified real property (i.e., leasehold improvement, restaurant, and retail improvement property); the election to expense advanced mine safety equipment expenditures; the expensing allowance for film and television production costs and the costs of live theatrical productions; the tax deduction for income attributable to domestic production activities in Puerto Rico; tax rules relating to payments between related foreign corporations and dividends of regulated investment companies (RICs); the tax treatment of RICs as qualified investment entities for purposes of the Foreign Investment in Real Property Tax Act (FIRPTA); the subpart F income exemption for income derived in the active conduct of a banking, financing, or insurance business; the exemption from treatment as foreign holding company income of dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity; the 100% exclusion from gross income of gain from the sale of small business stock; the basis adjustment rule for stock of an S corporation making charitable contributions of property; the reduction of the recognition period of the built-in gains of S corporations; the incentives for investment in empowerment zones; the increased level of distilled spirit excise tax payments into the treasuries of Puerto Rico and the Virgin Islands; and the tax credit for American Samoa economic development expenditures. Amends the Housing Assistance Act of 2008 to extend through 2014 the exemption of the basic military housing allowance from the income test for programs financed by tax-exempt housing bonds.

Taxation Topic assigned by the Congressional Research Service.