Tax Cuts for America Act of 2015

To amend the Internal Revenue Code of 1986 to extend certain expiring provisions for 1 year. 1. Short title; table of contents (a) Short title This Act may be cited as the Tax Cuts for America Act of 2015 (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Title I—Economic development and job creation Sec. 101. Extension of new markets tax credit. Sec. 102. Extension of work opportunity tax credit. Sec. 103. Extension and modification of research credit. Title II—Education Sec. 201. Extension of deduction for certain expenses of elementary and secondary school teachers. Title III—Members of the Armed Forces Sec. 301. Extension of employer wage credit for employees who are active duty members of the uniformed services. Title IV—Energy Sec. 401. Extension of credit for construction of new energy efficient homes. Title V—States Sec. 101. Extension of State and local sales tax deduction. I Economic development and job creation 101. Extension of new markets tax credit (a) In general Section 45D(f)(1)(G) and 2014 2014, and 2015 (b) Carryover of unused limitation Section 45D(f)(3) of such Code is amended by striking 2019 2020 (c) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2014. 102. Extension of work opportunity tax credit (a) In general Section 51(c)(4)(B) December 31, 2014 December 31, 2015. (b) Effective date The amendment made by this section shall apply to individuals who begin work for the employer after December 31, 2014. 103. Extension and modification of research credit (a) In general Section 41(h)(1) December 31, 2014 December 31, 2015 (b) Effective date The amendment made by this section shall apply to amounts paid or incurred after December 31, 2014. II Education 201. Extension of deduction for certain expenses of elementary and secondary school teachers (a) In general Section 62(a)(2)(D) or 2014 2014, or 2015 (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2014. III Members of the Armed Forces 301. Extension of employer wage credit for employees who are active duty members of the uniformed services (a) In general Section 45P(f) December 31, 2014 December 31, 2015 (b) Effective date The amendment made by this section shall apply to payments made after December 31, 2014. IV Energy 401. Extension of credit for construction of new energy efficient homes (a) In general Section 45P(g) December 31, 2014 December 31, 2015 (b) Effective date The amendment made by this section shall apply to acquisitions after December 31, 2014. V States 101. Extension of State and local sales tax deduction (a) In general Section 164(b)(5)(I) January 1, 2015 January 1, 2016 (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2014.

Summary: Tax Cuts for America Act of 2015 This bill extends through 2015 the following expiring tax provisions: the new markets tax credit, the work opportunity tax credit, the research tax credit, the tax deduction for certain expenses of elementary and secondary school teachers, the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services, the tax credit for new energy efficient homes, and the tax deduction for state and local sales taxes in lieu of state and local income taxes.