Tax Relief Act of 2010: Expired Business Tax Breaks Retroactively Reinstated and Extended

The Tax Relief Act of 2010 retroactively reinstated a plethora of business tax breaks that expired at the end of 2009 and extended them through 2011.  These tax breaks include: the research credit; the new markets tax credit; employer wage credit for activated reservists; 15-year write-off for qualifying leasehold improvements, restaurant buildings and improvements, and retail improvements; 7-year write-off for motorsports entertainment facilities; enhanced charitable deductions for contributions of food inventory, for contributions of book inventories to public schools and for corporate contributions of computer equipment for educational purposes; expensing of environmental remediation costs; allowance of the Code Sec.199 domestic production activities deduction for activities in Puerto Rico; and the work opportunity tax credit.

If you have any questions on how these reinstated tax breaks affect you, or on tax planning in general, give us a call.

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