- American Opportunity Tax Credit: (a modified version of the original Hope Credit) and the credit rules--including maximum credit amount, number of years of education covered, income phase out ranges, and refundability provisions--are made permanent.
- Child tax credit: The lower $3,000 earned income threshold for determining the refundable portion of the tax credit is made permanent (if the credit exceeds tax liability, an amount equal to 15% of earned income over $3,000 may be refunded).
- Credit for nonbusiness energy property: The credit is extended for two additional years (through 2016); lifetime cap of $500 remains.
- Deduction for classroom expenses paid by educators The $250 above-the-line deduction is made permanent--the rules that applied in 2014 are retroactively extended for 2015; starting in 2016, the limit will be indexed for inflation, and qualifying professional development expenses will be considered eligible expenses for purposes of the deduction.
- Deduction for qualified higher-education expenses: The above-the-line deduction, worth up to $4,000, is reinstated for 2015 and extended through 2016.
- Deduction for state and local general sales taxes: Individuals who itemize deductions on Schedule A of IRS Form 1040 can elect to deduct state and local general sales taxes in lieu of the deduction for state and local income taxes--this is made permanent.
- Discharge of qualified personal residence debt: The exclusion from gross income of the discharge of debt associated with a qualified principal residence is reinstated for 2015 and extended through 2016.
- Earned income tax credit: The increased credit percentage for families with three or more qualifying children and the increased threshold phase out range for married couples filing joint returns are made permanent.
- Employer-provided mass transit benefits: The monthly exclusion for employer-provided transit pass and vanpool benefits will be permanently set to the same level as the exclusion for employer-provided parking (applies retroactively to 2015, increasing the exclusion from $130 to $250 monthly).
- Mortgage insurance premiums: The provision allowing premiums paid for qualified mortgage insurance to be treated as deductible qualified residence interest on Schedule A of IRS Form 1040 (subject to phaseout based on income) is extended for two additional years, through 2016.
- Qualified charitable distributions (QCDs): The provision allowing individuals age 70½ or older to make qualified charitable distributions (QCDs) from their IRAs, and exclude the distribution from gross income (up to $100,000 in a year), is made permanent.
- Qualified conservation contributions of capital gain real property: Special rules for qualified conservation contributions of capital gain real property are made permanent; new rules for qualified contributions by certain Alaska Native Corporations are added for years after 2015.
- Bonus depreciation: Additional 50% bonus depreciation is reinstated for 2015 and extended through 2019; the bonus percentage is reduced to 40% in 2018 and 30% in 2019 for most property types.
- Exclusion of gain on qualified small business stock: The 100% exclusion of capital gain from sale or exchange of qualified small business stock held for more than 5 years is made permanent; it applies to alternative minimum tax as well as regular income tax.
- IRC Section 179 expensing: Increased dollar amounts ($500,000/$2,000,000) associated with Section 179 expensing are made permanent and indexed for inflation after 2015; $250,000 limit on qualified real property eliminated after 2015.
- Research credit: The research tax credit is made permanent, with new provisions effective in tax years beginning after 2015 that will provide additional benefits to some small businesses.
- Work Opportunity Tax Credit: The tax credit is extended through 2019 and expanded (after 2015) to apply to employers who hire qualified long-term unemployment recipients.
- The Act delays imposition of the excise tax on high-cost employer-sponsored health coverage (the so-called "Cadillac tax") for two years; the tax, originally scheduled to take effect after 2017, will now be effective for tax years beginning after December 31, 2019.
- The Act eliminates the requirement that ABLE accounts (tax-favored savings vehicles intended to benefit disabled individuals) be established only in the ABLE account owner's state of residence.
- Rules relating to 529 plans are modified for tax years after 2014, including expansion of the definition of qualified expenses to include the purchase of a computer, peripheral equipment, computer software, and Internet access if used primarily by the beneficiary while enrolled at an eligible education institution.
- The Act permits funds to be rolled over to a SIMPLE IRA from employer-sponsored retirement plans and traditional IRAs once a participant has participated in the SIMPLE IRA for a two-year period (effective for rollover contributions made after December 18, 2015).