WROC Rochester First
CPA Chris Gamble of Kroner Gamble + Company discussed the "Protecting Americans from Tax Hikes Act of 2015" Monday on News 8 at Sunrise. Gamble said the new legislation was signed into law on December 18 and has many sections that impact income taxes for 2015 and the future. The changes will impact individuals and businesses. The new law has many sections, but Gamble said the following will have the biggest impact on individuals: The option to deduct state and local tax as part of itemized deductions in lieu of state and local income tax has been made permanent. The American Opportunity Tax Credit, an education credit, has been made permanent. The teachers' classroom expense deduction of up to $250 for classroom expenses paid by a teacher has been made permanent.