Major Tax Issues in the 111th Congress (CRS Report for Congress)
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| Release Date |
Revised Aug. 6, 2010 |
| Report Number |
R40004 |
| Report Type |
Report |
| Authors |
James M. Bickley, Coordinator, Specialist in Public Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
As the 111th Congress convened, economic stimulus activity through new spending and taxcuts was of primary concern. Proposals that had been mentioned included the extensionof bonus depreciation, suspension of rules requiring withdrawals from individualretirement accounts, an employee wage credit, and the suspension of taxes on unemploymentbenefits. A number of these provisions were enacted in the February 2009 stimulus package, theAmerican Recovery and Reinvestment Act of 2009 (P.L. 111-5). Legislation was also adopted toincrease taxes on tobacco products to finance the Children's Health Insurance Plan (commonlyreferred to as SCHIP). The extension and expansion of the first-time home buyer tax credit andnet operating losses were included in the Worker, Homeownership, and Business Act (H.R. 3548,P.L. 111-92), which was signed into law on November 6, 2009. On March 18, 2010, the HiringIncentives to Restore Employment Act (P.L. 111-147) was passed, which included two new taxprovisions to encourage employers to hire workers who were unemployed or only working parttime.Bills: H.R. 3548, H.R. 2847, H.R. 4213, H.Con.Res. 85, S.Con.Res. 13
