A look at tax breaks that expired this year

Published on NewsOK Modified: December 17, 2012 at 2:45 am •  Published: December 17, 2012
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— A deduction for mortgage insurance premiums. Cost: $1.3 billion.

— A deduction of up to $250 for teachers who buy classroom supplies with their own money. Cost: $462 million.

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Business tax breaks

— A tax credit for manufacturers and other businesses that invest in research and development. Cost: $14.3 billion.

— A tax break that allows restaurants and retail stores to write off the cost of certain capital improvements over 15 years instead of 39 years. Cost: $3.7 billion.

— An exemption that allows banks, insurance companies and other financial firms to shield the profits of foreign subsidiaries from being taxed by the U.S. Cost: $11.2 billion.

— A $1 per-gallon tax credit for businesses that use or sell biodiesel, a renewable fuel for diesel engines derived from vegetable oils and animal fats. Cost: $2.2 billion.

— A tax credit of up to $2,400 for businesses that hire people who receive benefits from a variety of government programs, including disability benefits and Temporary Assistance to Needy Families. Cost: $1.8 billion.

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Source: Joint Committee on Taxation.



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