2006 Tax Law Changes
From TaxAlmanac, A Free Online Resource for Tax Professionals
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From TaxAlmanac
The following is a summary of the tax law changes impacting the 2006 tax year that we are aware of (based on IRS Publication 553). Please feel free to add any other provisions we may have missed. Note: This page is still being populated with applicable tax law changes. Please do not consider this list as complete.
| Category | Subject | High-Level Summary |
|---|---|---|
| General | Inflation Adjustments and Statutory Changes | Changes to exemptions, standard deduction, etc. Read more... |
| General | Expiring Provisions | Certain tax benefits will be expiring in 2006 unless Congress passes legislation to extend the provisions. Read more... |
| Individual | Alternative Minimum Tax (AMT) | Decreased AMT exemption amount for most taxpayers, increased AMT exemption for children and certain credits no longer allowed against AMT. Read more... |
| Individual | Residential Energy Credits | Non-business energy property credit and residential energy efficient property credit. Read more... |
| Individual & Business | Alternative Motor Vehicle Credit | The clean-fuel vehicle deduction and electric vehicle credit have been replaced by two new credits. Read more... |
| Business | Deduction for Energy Efficient Commercial Building Property | New tax deduction for property placed in service in 2006 or 2007. Read more... |
| Business | Energy Efficient Home Credit | New credit applies to eligible contractors. Read more... |
| Retirement Plans | Retirement Plans | Changes to limits on contributions, benefits and compensation. Read more... |
| Estate and Gift Taxes | Estate and Gift Taxes | Changes to exclusion amounts and tax rates. Read more... |
