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H.R.470 - Economic Recovery and Middle-Class Tax Relief Act of 2009

To amend the Internal Revenue Code of 1986 to provide for permanent tax incentives for economic growth. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for permanent tax incentives for economic growth. as introduced.
  • Short: Economic Recovery and Middle-Class Tax Relief Act of 2009 as introduced.

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Bill’s Views

  • Today: 2
  • Past Seven Days: 5
  • All-Time: 19,800
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/13/09
 
 
 
 
 
 
 

OpenCongress Summary

This bill was put forth as a stimulus alternative, and republican counter proposal, to the American Recovery and Reinvestment Act of 2009. It suggests reducing government spending and providing permanent tax incentives for economic growth, namely through tax relief measures such as a five-percentage point income tax cut for all taxpayers.
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

Economic Recovery and Middle-Class Tax Relief Act of 2009 - Makes permanent the reductions in the dividend and capital gain tax enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.Amends the Internal Revenue Code to: (1) reduce individual and corporate income tax rates; (2)

Official Summary

Economic Recovery and Middle-Class Tax Relief Act of 2009 - Makes permanent the reductions in the dividend and capital gain tax enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.Amends the Internal Revenue Code to:
(1) reduce individual and corporate income tax rates;
(2) repeal the alternative minimum tax for individual taxpayers;
(3) allow inflation adjustments to the basis of capital assets in determining gain or loss;
(4) reduce the capital gains tax rate for corporations;
(5) repeal limitations on the expensing allowance for depreciable business assets;
(6) make permanent the tax credit for increasing research activities;
(7) extend the carryback period for net operating losses to seven years;
(8) increase the child tax credit;
(9) exclude from gross income in 2009 distributions from an individual retirement plan (IRA) and exempt IRAs from mandatory distribution requirements after 2009; and
(10) increase the tax deductions for tuition and related expenses and for the interest on qualified education loans.Makes 1% across-the-board rescissions in non-defense discretionary spending for FY2009.

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Organizations Supporting H.R.470

  • National Taxpayers Union

Organizations Opposing H.R.470

  • None via MapLight at this time.




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