S. 2256

Tax Extender Act of 2017

This bill amends the Internal Revenue Code to extend various expiring tax deductions, credits, and rules.

The bill extends tax credits relating to:

• Indian employment,
• railroad track maintenance,
• mine rescue team training,
• qualified zone academy bonds,
• American Samoa economic development,
• nonbusiness energy property,
• new fuel cell motor vehicles,
• two-wheeled plug-in electric vehicles,
• alternative fuel vehicle refueling property,
• second generation biofuel producers,
• biodiesel and renewable diesel,
• Indian coal facilities,
• facilities producing energy from renewable resources,
• energy efficient new homes, and
• alternative fuels.

The bill extends and modifies the tax credits for:

• residential energy property,
• investments in energy property,
• production from advanced nuclear power facilities, and
• carbon dioxide sequestration.

The bill also extends provisions relating to:

• the tax exclusion for the discharge of principal residence indebtedness;
• the treatment of mortgage insurance premiums as qualified residence interest;
• deductions for tuition and related expenses, income attributable to domestic production activities in Puerto Rico, and energy efficient commercial buildings;
• depreciating or expensing various types of property;
• timber gains;
• empowerment zones;
• the cover over of rum excise taxes to Puerto Rico and the Virgin Islands;
• sales or dispositions to implement electric restructuring policies for electric utilities; and
• the oil spill liability trust fund.