Bill > HR4469

This bill, titled the "Cut Taxes for the Middle Class Act of 2014," proposes to extend several expiring tax provisions for one year, primarily impacting individuals and businesses. Key provisions include extending the deduction for state and local general sales taxes, the "above-the-line" deduction for qualified tuition and related educational expenses, and a deduction for certain expenses of elementary and secondary school teachers. For members of the armed forces, it extends the housing allowance exclusion used in calculating median income for affordable housing programs and an employer wage credit for active duty service members. Additionally, the bill extends tax credits for businesses, such as the Work Opportunity Tax Credit, the New Markets Tax Credit, and modifies the Research Credit, all of which were set to expire at the end of 2013. The Internal Revenue Code of 1986 is the body of federal law governing U.S. taxation, and these extensions aim to provide continued tax relief and incentives.