Tax Increase Prevention Act of 2014

[AI summary unavailable — showing source text] Tax Increase Prevention Act of 2014 - Title I: Certain Expiring Provisions - Amends the Internal Revenue Code to extend certain expiring tax provisions relating to individuals, businesses, and the energy sector. Subtitle A: Individual Tax Extenders - Extends through 2014: the tax deduction of expenses of elementary and secondary school teachers; the tax exclusion of imputed income from the discharge of indebtedness for a principal residence; the equalization of the tax exclusion for employer-provided commuter transit and parking benefits; the tax deduction of mortgage insurance premiums; the tax deduction of state and local general sales taxes in lieu of state and local income taxes; the tax deduction of contributions of real property interests for conservation purposes; the tax deduction of qualified tuition and related expenses; and the tax exemption of distributions from individual retirement accounts for charitable purposes. Subtitle B: Business Tax Extenders - Extends through 2014: the tax credit for increasing research activities; the low-income housing tax credit rate for newly constructed non-federally subsidized buildings; the Indian employment tax credit; the new markets …