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BILL

Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act
2010

Bill Number: HR-4853

Public Law Number:

Disposition: 2010-Dec-17
Enacted - Signed by the President

Once the president signs a bill, it becomes a law.

Full title...
An 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

Click to view...
Bill Text (Reading difficulty: Hard)

Sponsor & Key Contributors
James Oberstar

Related Issues...
Understanding Tax Rates



Text of the Bill

Full text of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act.
Warning - this is not easy to read. One thing we hope to do is advocate bills that most people will be able to understand with a reasonable amount of effort.

Other ways this bill is known...

This bill is referred to as an extension of the Bush Tax Cuts

Major provisions of the bill...

The primary effect of this bill was to extend the Bush Tax Cuts, which were expiring at the end of 2010. Key provisions of the law included...

o Individual and capital gains tax rates were extended at 2010 levels through 2012

o The employee portion of Social Security Old Age, Survivors, and Disability Insurance (OASDI) was reduced to 4.2 percent (from 6.2 percent) for wages up to $106,800. The employer contribution of the tax remained at 6.2 percent. (This "payroll tax holiday" expired at the end of 2012).

o The estate tax reduction was extended so that, in 2012, estates valued at less than $5 million would not be taxed. Any excess value would be taxed at 35 percent.

Expiration

The provisions of this bill expired at the end of 2012

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