Tucked in among more than 5,000 pages of legislative text, Congress’s bill providing Covid-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.
The legislation makes permanent several tax breaks that lawmakers have been repeatedly extending for years. Alcohol producers get a permanent excise tax cut. A more generous write-off for medical expenses will be permanently added to the tax code. Benefits for students, volunteer firefighters and medical responders will also get cemented.
Several more — including the benefit for motor-sport racetracks, deductions for film producers and tax breaks for employers to provide paid sick leave and pay for tuition costs — got temporary extensions through the end of 2025. Bloomberg