Highlights of the 2016 Omnibus Spending Bill

By Don Deans, Deans Consulting LLC

Omnibus Spending Highlights – Plan NOW for 2016!

My first update for 2016 will be my final one focused on the end of year Omnibus spending bill. My conclusion after a more thorough review is that this year more than prior years it is imperative to plan at the start of the year how best to take advantage of changes in 2016.

In addition to the big changes in Section 179 and IRA Charitable Rollover that will be just as important this year as they were for those who acted before the end of 2015, here are key provisions to plan for now:

Solar and Wind

First, there is more certainty, such as with the Solar and Wind credits moving from a yearly question mark. Solar now has a clear path with the 30% residential solar credit extended through 2019 and then phased out until it expires in 2022. As a Bloomberg article in December said in the article title “What Just Happened in Solar Is a Bigger Deal Than Oil Exports”, this is a BIG deal!