- Mortgage insurance premium deduction
- Sales tax deduction (in lieu of state income tax deduction)
- Charitable deduction for contributions of real property for conservation purposes
- Above-the-line deduction for tuition and fees
The law also made some provisions permanent:
- Student loan interest deduction (the rule which limited the deduction for the first 60 months of repayment has been eliminated)
- Child tax credit of $1000
- Dependent care tax credit (unchanged and permanently extended)
- Adoption credit (up to $10,000 and indexed for inflation)
- American Opportunity tax credit (an education credit) has been extended through 2017
Other provision worth noting:
- New income tax bracket added for high income earners: 39.6%
- Changes in capital gains - new 20% rate for those who fall in the 39.6% income tax bracket
- Extends the $5 Million exclusion for estates. New top tax rate for estates is 40%.
