What is the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA)?
The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) was signed into law on May 17, 2006.
How Does the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) Work?
TIPRA was passed to achieve five primary goals:
- Prevent a scheduled increase in the number of people subject to the alternative minimum tax (AMT)
- Preserve lower capital gains and dividends tax rates in effect through 2010
- Preserve higher limits for expensing the purchase of certain assets
- Remove an income ceiling on certain IRA conversions
- Apply the so-called "kiddie tax" to more taxpayers under age 18
Why Does the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) Matter?
In general, TIPRA was a mishmash of tax changes, most of which benefited most taxpayers.
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