What is the status of tax credits for tax year 2015?
- David Greene
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Will any of the tax credits we had in tax year 2014 still be available for tax year 2015? Yes, I’m happy to say that the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved many of the consumer and business tax credits we have enjoyed, making some of them permanent. Some of these are: (1) an enhanced child tax credit, (2) the earned income tax credit, (3) the deduction for state and local general sales tax, (4) the ability to make tax-free distributions from IRAs for charitable purposes and (5) the research and development credit.