July 25, 2021 - Douglas Myser

Consolidated act part two. The Consolidated Appropriations Act has multiple parts that are designed to help boost the economy, and some parts that have been re-authorized for another period of time. These provisions are designed to help a struggling economy, and some of the Act's provisions are past parts of laws that the government know to be good public policy, that promotes economic growth, or good public policy. Consolidated act part two.

Section 118-Empowerment zone tax incentives. The designation of an empowerment zone is extended is extended through 2025: it also provides that where a nomination of an empowerment zone included a termination date of December 31, 2020, the termination will not apply with respect to the designation if, the entity that made such nomination intends the nomination.

Section 119-Employer Credit for Paid Family and Medical Leave. The employer tax credit for paid family and medical leave is extended thrugh 2025. Section 120-Exclusion for Certain Employer Payments of Student Loans. The CARES Act allows employers to make non-taxable student loan repayments on an employee's behalf under a qualified educational assistance plan--but only until December 31, 2020. The Act extends this provision for five eyars, allowing such non-taxable payments to be made until December 31, 2025. An employer may continue to pay up to $5250 per employee toward an employee's eligible student loan repayments and the payments will be excluded from the employee's income through 2025.

Subtitle C-Extension of Certain other Provisions Section 133-Treatment of Mortgage Insurance Premiums as Qualified Residence Interest. The Act extends the deduction for qualified mortgage insurance premiums through 2021. The limits remain the same and the amount allowable is $1000 until the AGI exceeds $100,000 at which time the deduction is phased out ratably by 10% for each $1000 that exceeds the AGI threshold. Many of these provisions can be found in the Congressional Research Services, or you may also call up your local Congress person to inquire about any or all of the provisions in the Consolidated Appropriations Act.