U.S. Congress - H.R.4853 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act
H.R.4853 - Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act
To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes. view all titles (9)
All Bill Titles
- Short: Federal Aviation Administration Extension Act of 2010 as introduced.
- Short: Surface Transportation Extension Modification Act of 2010 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes. as introduced.
- Short: Federal Aviation Administration Extension Act of 2010 as passed house.
- Short: Surface Transportation Extension Modification Act of 2010 as passed house.
- Short: Airport and Airway Extension Act of 2010, Part III as passed senate.
- Popular: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act as introduced.
- Popular: Middle Class Tax Relief Act of 2010 as introduced.
- Short: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 as enacted.
Bill's Views
- Today: 36
- Past Seven Days: 158
- All-Time: 62,810
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Latest Vote
Result: Passed - December 16, 2010
Roll call number 647 in the House
Question: On Motion to Concur in the Senate Amdt to the House Amdt to the Senate Amdt: H R 4853 Airport and Airway Extension Act of 2010, Part III
Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes:
63%
OpenCongress Summary
This is the Obama-GOP tax legislation. As passed by the Senate on 12/15, it would extend all Bush tax cuts for two years, including for the highest income levels, in exchange for a 13-month extension of unemployment insurance benefits and a new payroll tax holiday. The legislation is estimated to cost $858 billion and will be financed entirely be adding to the deficit.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.
Official Summary
12/2/2010--House agreed to Senate amendment with amendment. Middle Class Tax Relief Act of 2010 - Title I: Middle Class Tax Relief Made Permanent - (Sec. 101) Eliminates the general terminating date (i.e., December 31, 2010) of the Economic Growth and Tax Relief Reconciliation Act of 2001Official Summary
12/2/2010--House agreed to Senate amendment with amendment. Middle Class Tax Relief Act of 2010 - Title I: Middle Class Tax Relief Made Permanent -(Sec. 101)
Eliminates the general terminating date (i.e., December 31, 2010) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) with respect to individual income tax rate reductions, tax benefits related to children and adoption, marriage penalty relief, and education tax relief, thus making such tax benefits permanent, subject to limitations based on adjusted gross income thresholds set forth in this Act. Eliminates the terminating date of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that applies to reductions in tax rates for capital gains and dividend income enacted by that Act, thus making such reductions permanent, subject to limitations based on adjusted gross income thresholds set forth in this Act.(Sec. 102)
Establishes permanent income tax rate reductions for individual taxpayers whose adjusted gross income is $200,000 or less ($250,000 for married couples filing joint tax returns). Allows individual taxpayers whose adjusted gross income is $200,000 or less ($250,000 for married couples filing joint tax returns):(1) a permanent exemption from limitations on itemized deductions and personal exemptions;
(2) a permanent 15% tax rate on capital gains and dividend income; and
(3) a permanent increase in the refundable portion of the child tax credit. Makes permanent the increase in the earned income tax credit and the modifications to such credit enacted by EGTRRA. Title II: Expensing by Small Businesses of Certain Depreciable Assets -
(Sec. 201)
Increases to $125,000 the expensing allowance for depreciable business and investment property and to $500,000 the income threshold for the phaseout of such credit. Provides for an annual inflation adjustment to such amounts. Makes permanent the treatment of certain computer software as depreciable property for purposes of the increased expensing allowance. Title III: Extension of Alternative Minimum Tax Relief -(Sec. 301)
Extends through 2011 the offset of certain nonrefundable tax credits against the alternative minimum tax (AMT).(Sec. 302)
Increases the AMT exemption amounts for single and married taxpayers in 2010 and 2011. Makes the general terminating date of EGTRRA (i.e., December 31, 2010) inapplicable to increases in the AMT exemption amounts enacted by that Act. Title IV: Budgetary Provision - Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010....Read the Rest
Organizations Supporting H.R.4853
- Bread for the World
- SEIU
- AFSCME
- Democracy for New Mexico
Organizations Opposing H.R.4853
- Freedomworks
- National Taxpayers Union
- National Association of Manufacturers
- American Gas Association
- Securities Industries and Financial Markets Association
- US Chamber of Commerce
- ...and 3 more. See all.
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.
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