Congress is letting 55 tax breaks expire at the end of the year despite the fact that most of them will be renewed.
Nevertheless, many individuals and businesses are uneasy about these tax breaks because they might be changed when renewed or not renewed at all. They rely on these breaks when filing taxes so any change could hurt them considerably.
Here some of the tax breaks that will expire at the end of 2013.
- Huge tax breaks for big companies – Among those affected will be companies that invest in research and development and get billions in credit. Financial institutions that get exemptions for doing business overseas will no longer get these exemptions.
- Less-known tax breaks – Film producers, race track owners and teachers who spend their own money buying school supplies will be affected by the 2014 expiration date.
- Public transportation – College students and commuters who use public transportation will not get the same tax breaks that are currently in place in some states.
- Renewable energy – Some tax breaks promote renewable energy and companies that produce electricity with windmills. These will expire at the end of 2013.
Check out some more tax breaks that will expire at the end of the year here.
The opinions contained in this column are solely those of the writer.
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