Senate Approves Tax Reform Bill; House to Now Consider

Senate Approves Tax Reform Bill; House to Now Consider

News story posted in Legislative on 16 December 2010| comments
audience: National Publication | last updated: 18 May 2011
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Summary

In a vote of 81 to 19, the U.S. Senate has overwhelmingly approved an amendment to H.R. 4853, "The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" and forwarded the measure to the House of Representatives for its consideration. A previously reported group of charitable extenders, including the charitable IRA rollover, are included.

If enacted the bill would extend the Bush era tax cuts through 2012 and provide an AMT patch through 2011; reinstate unified estate, gift and generation-skipping transfer tax with a 35 percent top rate and inflation-indexed $5 million individual exemption; and cut the Social Security payroll tax by 2 percent for 2011.

The bill would also increase of the valuation adjustment for donations for conservation easements, renew of the charitable IRA rollover, and extend enhanced charitable deductions for contributions of food inventory, book inventories to public schools, corporate contributions of computer equipment for educational purposes, and a special rule for S corporations making charitable contributions of property.

The House will now take up the measure; however, members of both parties have expressed concern with certain provisions. House Democrats would like to tighten the bill's estate and gift tax provisions while Republicans have concerns regarding the lack of revenue offsets in connection with the bill's extension of unemployment benefits.

Senate Summary: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 [PDF]

Joint Committee on Taxation Technical Explanation: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 [PDF]

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