The Economic Recovery and Middle-Class Tax Relief Act of 2009
H.R.470, the Economic Recovery and Middle-Class Tax Relief Act of 2009 has been introduced in the U.S. House.
View the Bill Text HERE.
Track the Bill Status HERE.
Highlights of the Bill (Sources from "You want stimulus? We got it.", an blog entry by Kristina Rasmussen from National Taxpayers Union):
For Individuals and Families:
* Provide every income tax bracket with a rate cut of 5 percent;
* Increase the child tax credit from $1,000 to $5,000;
* Repeal the hated Alternative Minimum Tax;
* Make the lower capital gains/dividends tax rate of 15 percent permanent;
* Repeal mandatory distribution rules for retirement accounts;
* Increase tax deductions for student loans and education expenses; and
* Make all withdrawals from retirement accounts tax- and penalty-free during 2009.
For Businesses and Entrepreneurs:
* Align the corporate tax rate with international competitors by cutting it from 35 percent to 25 percent;
* Allow immediate expensing for business purchases;
* Index the cost basis for capital gains to inflation;
* Extend the 15 percent capital gains tax rate to corporations;
* Make permanent the tax credit for research and development; and
* Extend the carryback period for net operating losses to seven years.
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Bill summary and Status are available via THOMAS. THOMAS was launched in January of 1995, at the inception of the 104th Congress. The leadership of the 104th Congress directed the Library of Congress to make federal legislative information freely available to the public.
