House Passed HR 4853
Democrats and Republicans spent hours debating the
Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR
to passing the $858-billion measure by
a vote of 277-to-148. The
measure now heads to the White House where President Obama is expected to sign today.
4853 measures include:
employee payroll cut for 2011 which would provide a payroll/self-employment tax holiday
during 2011. The Social Security tax on wages earned up to $106,800 would be reduced
from 6.2% to 4.2% (the employer’s portion will remain unchanged), and the Social Security
tax that self-employed individuals pay would be reduced from 12.4% to 10.4%.
tax relief provisions extended through 2011, along with other business tax relief
provisions not listed below:
Opportunity Tax Credit
of Columbia Enterprise Zones
Markets Tax Credit
write-off of 100 percent for new equipment business investments in 2011.
extension of unemployment benefits for the next 13 months.
American Opportunity credit will be extended, as will improved Earned Income Tax Credits
and Child Tax Credits.
cuts for all income levels to continue through 2012.
tax relief for 2 years, set at a 35 percent with a $5 million exemption, along with
minimum tax (AMT) patch retroactively for 2010 and extends it through 2011.
relief provisions extended through 2011.
4853 provisions excluded:
Veteran and Disconnected Youth
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