The details are quite extensive, but it would seem that both sides can say they scored a victory.
Highlights include: The R&D Tax Credit is made permanent. Also included is the AMT turnoff to help small businesses, as well as the start-up provisions (allowing the R&D Tax Credit to be refundable for new businesses), all starting in 2016. As you may know, these are changes to the law that we and our CPA partners have been championing for a long time — happy day! Other permanent provisions include the Child Tax Credit; the American Opportunity Tax Credit; enhanced EITC; deduction for sales and use tax; 179 expensing for small business and IRA charitable. Extensions for five years (through 2019) include WOTC, New Markets Tax Credit, and bonus depreciation. Extensions for two years include most of the remaining extender provisions as well as most of the energy provisions — including section 179D, the deduction for energy-efficient commercial buildings. As to the Affordable Care Act/Obamacare — the medical device tax is delayed for two years as is the Cadillac tax. REITs and captive insurance companies will both see reform provisions put in place. The bill also includes a number of provisions regarding the IRS, tax administration and the Tax Court. That’s a quick overview — quite a bit to go through. No worries about a boring holiday for CPAs.
If you are looking to really dig into the details: