The House tax bill extends more than 50 expired tax breaks through the end of 2014. They include:
—A tax credit for the production of wind, solar and other renewable energy. Cost: $6.4 billion.
—A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical companies and high tech companies. Cost: $7.6 billion.
—An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. The tax break is important to major multinational banks and financial firms. Cost: $5.1 billion.
—A provision that allows people who live in states without state income taxes to deduct local sales taxes on their federal returns. Nine states have no tax on wages: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. (New Hampshire and Tennessee tax interest and dividends) Cost: $3.1 billion.
—A provision that protects struggling homeowners who get their mortgages reduced from paying income taxes on the amount of debt that was forgiven. Cost: $3.1 billion.
—A provision that allows restaurants and retail stores to more quickly write off the cost of improvements. Cost: $2.4 billion.
—A tax break that allows profitable companies to write off large capital expenditures immediately — rather than over time — giving some companies huge tax shelters. The tax break, known as bonus depreciation, benefits automakers, utilities and heavy equipment makers. Cost: $1.5 billion.