On December 18th, President Obama signed into law the Protecting Americans From Tax Hikes Act of 2015- the PATH Act. The product of eleventh-hour negotiations between Congressional leaders and the White House, the legislation makes permanent many popular tax incentives for individuals and businesses, providing tax certainty for those who were annually concerned if tax benefits were going to be extended. The Act also modifies some of the expiring tax breaks, and extends the rest for either two or five years, retroactive to the beginning of 2015. Some benefits are indexed to inflation; some are not. Here are some important highlights for business owners and higher-income taxpayers.