Congress has approved, and President Obama is expected to today at 3:50pm EST, a multi-billion dollar tax cut package, the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”.
The new law follows through on the framework agreed to December 6th by President Obama and GOP leaders in Congress. The 2010 Tax Relief Act extends the Bush era individual and capital gains/dividend tax cuts for all taxpayers for two years. The bill also provides for an AMT “patch,” a one-year payroll tax cut, 100 percent bonus depreciation through 2011 and 50 percent bonus depreciation for 2012, a top federal estate tax rate of 35 percent with a $5 million exclusion, and more.
Here is a completed overview of the legislation provided by CCH.
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