Congress has passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Disaster Act) as part of the Further Consolidated Appropriations Act, 2020. The Disaster Act retroactively extends over 30 Code provisions (including the mortgage insurance premium deduction and the 7.5%-of-AGI medical expense deduction floor), generally through 2020. In addition, the Disaster Act provides relief for taxpayers affected by disasters occurring between 1/1/18 and 30 days following the enactment date of the Act. The Act also repeals the Affordable Care Act’s (ACA’s) medical device excise tax for sales occurring after 12/31/19, health insurance provider’s fee for years beginning after 12/31/20, and high-cost employer-sponsored health coverage tax (commonly referred to as the Cadillac tax ) for years beginning after 12/31/19. H.R. 1865.
If you wish to discuss any of these provisions, please contact your advisor at KBCA.