Recently, the media has brought a lot of attention to the expiration of the 2011 payroll tax holiday, which reduced for this year only an employees tax to 4.2%. As it stands, the tax holiday will end and payroll taxes will be increased to 6.2% beginning January 1, 2012.

However, the media has given less attention to the expiration of a number of other tax incentives designed to increase investment, create jobs, and encourage philanthropy. The expiring provisions include these five, and many others.

-         The 15 year depreciation schedule for qualified leasehold improvement property, qualified restaurant property, and qualified retail property under Section 168(e), for property placed in service after 2011, will generally be increased to 39 years.

-         The 100% bonus depreciation allowance for certain qualified property under Section 168(k)(1) and 168(k)(5), will be reduced in 2012 to 50% for most property.

-         The expensing election under Section 179, $500,000 in 2011, will be reduced to $139,000 in 2012.

-         The Work opportunity tax credit (WOTC) under Sec. 51(c)(4) expires (except for qualified veteran hires).

-         The elimination of enhanced charitable contribution deductions for food, books, and computer equipment under Section 170(e).

Congress could step in and extend some or all of the expiring tax incentives, and there are several current proposals with respect to the payroll tax holiday. However, it is hard to have confidence that Congress can agree on anything these days. It may only be December 1, but the holiday could be over.