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Here are tax laws that were extended (or changed): 
Investment Tax Rate
Currently tax rates on qualified dividends and long-term capital gains are 15% maximum (5% for taxpayers in the 15/10% brackets), due to fall to 0% for the lower two brackets in 2008. After that the 2003 JGTRRA law was going to expire, and the rates would have returned to 20% / 10%. This section has been extended 2 years.
So, the reduced rates will be 15%, with 0% for those in the 15/10% bracket, effective 2008 through 2010.
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Alternative Minimum Tax
AMT exemption allowances have been increased to $62,550 MFJ, $31,275 MFS, and $42,500 S, HH.
Also, all personal nonrefundable tax credits can be used to offset the AMT tax (as well as the regular tax).
This is only good through 2006...a one year deal. After that, the AMT allowances would revert to lower levels and more taxpayers will find themselves paying this tax.
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Tax of Child's Investments
The 'kiddie tax' applies to children under 14 who earn over $1,700 investment income, the excess is taxed at the parents' highest tax rate. The age has now increased to under 18.
The effect, harder to shelter income from a higher tax rate by gifting to your child. And a penny earned...is that a hard working child might have to pay a higher tax on his/her savings.
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Foreign Income Exclusion
Any non-excluded foreign/housing allowance income must be calculated at the tax rate that would have applied if none of that income had been excluded.
The effect, while the foreign income is still excluded, other income will likely be taxed at a higher rate (assuming the excluded income would have pushed you into a higher bracket.
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Roth IRA Conversions
Previously taxpayers earning over $100,000 or MFS living with spouse could not convert their non-Roth IRA to a Roth. Now you can. And elect to calculate the tax on the distribution over two years.
There may be a long-term advantage doing it, similar to 1998 when taxpayers could first convert to a Roth, and this is part of the bill expected to generate tax revenue.
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What's New:
The Telephone Tax
Because recent court decisions held that you should not have been assessed federal excise tax on long-distance calls, refunds will be calculated on your 2006 tax return. The easiest way is to claim a standard credit ranging from $30-$60 based on the number of exemptions. For example, a single person with no dependents will claim $30, a single parent with child or a MFJ couple claims $40, etc., up to a maximum of $60.
You may choose to claim the actual tax paid, but in this case you'll need to examine your phone bills from Feb 28, 2003 through July 31, 2006! Businesses and nonprofits can use the actual tax method or an IRS-approved formula. For those who don't have to file, there will be a new form 1040EZ-T, to claim the refund.
Keep in mind that this credit is added to the whole picture: increases your refund or decreases your balance due.
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Here are tax laws that have just been extended by Congress:
State/local sales tax: Schedule A deduction
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Tuition and fees deduction: $2000/$4000 adjustment to income
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Educator expense: up to $250 classroom expenses
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Upcoming for 2007 (the Pension Protection Act):
Saver's Credit is made permanent, IRA contributions and income limitations indexed for inflation, and a qualified appraisal required to be attached to returns when claiming noncash contributions over $5000.
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