The new tax law retroactively extends several tax law provisions through 2011. The following tax breaks, which had officially expired after 2009, are available dating back to January 1, 2010.
- Tax-exempt distributions of IRA funds used for charitable donations (limited to taxpayers age 70½ or older)
- State and local sales tax deduction (in lieu of state income tax deductions)
- Faster write-offs for qualified leasehold, restaurant and retail building improvements
- Enhanced charitable deductions for donated property used for conservation
- Tuition deduction for higher education expenses
- Research credits
- Deduction for educator “classroom expenses” (limited to $250)
Note that the new tax law does not extend the additional standard deduction for property taxes paid by nonitemizers.