The other allows homeowners to count mortgage insurance premiums towards their mortgage interest deductions. One of these provisions exempts some homeowners from being taxed on the amount they receive in mortgage loan forgiveness. – Provisions for homeowners – The two largest provisions involve homeowners. Here are some of the most significant extensions: Tax Extensions For Individuals Tax extensions fall into three main categories: those affecting individuals, those affecting businesses, and energy-related tax provisions. The omnibus tax and spending bill that Congress just passed makes more than one-third of these tax extensions permanent, including the research tax credit. However, this year, there was one big difference. Congress once again extended dozens of temporary, constantly-expiring tax breaks for individuals and businesses for 2016. It seems every year Congress passes tax extenders legislation at the last minute. The nation’s tax season officially begins as scheduled on Tuesday, Jan. Some Extensions Made Permanent as 2016 Tax Season Begins
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