American Jobs and Closing Loopholes Act

House Leaders Release $56 Billion Expanded Tax Extenders Bill — Quick Passage Anticipated

A third piece of major tax legislation to come from Congress already in 2010 is poised to pass quickly. In a move to swiftly resurrect a waning tax extenders bill, House leaders have released an expanded $56 billion version, titled the “American Jobs and Closing Tax Loopholes Act”, for expected passage prior to Memorial Day. The Act includes more than 50 individual, business, charitable and energy extenders. It also extends unemployment insurance through December 31, 2010 and provides for national disaster and pension funding relief. The new extenders bill also contains a set of revenue offsets on which both House and Senate Democratic leaders appear to ready to finally agree – key to its quick enactment.
The American Jobs and Closing Loopholes Act includes:

• Individual extenders, including: deductions for real property taxes, state and local sales tax, higher education tuition, and teacher’s classroom expenses

• Business extenders, including: refundable AMT credits, research tax credit, differential pay credit, qualified leasehold improvements, qualified restaurant property, retail improvement property, regulated investment companies, and many more

• Charitable extenders covering: IRA contributions to charity, conservation contributions of real property, contributions of food inventory, S Corporations’ charitable contributions, controlling exempt organizations, and more

• Energy extenders, including: alternative motor vehicle credit for heavy hybrids, credits for biodiesel and renewable diesel fuel, and credits for national gas/liquefied petroleum gas used as transportation fuel

• National Disaster Relief

• Infrastructure Incentives, including: enhancements to the Build America Bonds program, and New Markets Tax Credit Program

• International Reforms

• Extended COBRA subsidy

• Change in Taxation of Carried Interest

Upon Passage of the bill by Congress, I will get more information and a full briefing to you!

Check back soon for more tax updates!