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Description of Revenue Provisions Contained in the President’s Fiscal Year 2011 Budget Proposal

Description of Revenue Provisions Contained in the President’s Fiscal Year 2011 Budget Proposal

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Published by Joe Wallin
JCT Publication
JCT Publication

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Published by: Joe Wallin on Aug 17, 2010
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05/12/2014

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[JOINT COMMITTEE PRINT]
DESCRIPTION OF REVENUE PROVISIONSCONTAINED IN THE PRESIDENT’SFISCAL YEAR 2011 BUDGET PROPOSAL
Prepared by the Staff of theJOINT COMMITTEE ON TAXATIONAugust 16, 2010U.S. Government Printing OfficeWashington: 2010JCS-2-10
 
 JOINT COMMITTEE ON TAXATION
 
111TH CONGRESS, 2ND SESSION
  ________ 
SENATE HOUSE
Max Baucus,
Montana
 
Chairman
 Sander M. Levin,
MichiganVice Chairman
John D. Rockefeller IV,
West Virginia
Charles B. Rangel,
 New York 
 Kent Conrad,
North Dakota
Fortney Pete Stark,
California
 Charles E. Grassley,
 Iowa
Dave Camp,
Michigan
 Orrin G. Hatch,
Utah
Wally Herger,
California
 Thomas A. Barthold,
Chief of Staff 
Bernard A. Schmitt,
 Deputy Chief of Staff 
 
 
 i
CONTENTS
PageINTRODUCTION .......................................................................................................................... 1
 
I.
 
INDEX THE INDIVIDUAL ALTERNATIVE MINIMUM TAX AMOUNTS FOR INFLATION ....................................................................................................................... 2
 
II.
 
MAKE PERMANENT AND MODIFY CERTAIN TAX CUTS ENACTED IN 2001AND 2003 ........................................................................................................................... 4
 
A.
 
Dividends and Capital Gains Tax Rate Structure ......................................................... 4
 
B.
 
Extend Temporary Increase in Expensing for Small Business ................................... 18
 
C.
 
Marginal Individual Income Tax Rate Reductions ..................................................... 21
 
D.
 
Child Tax Credit ......................................................................................................... 26
 
E.
 
Increase of Refundable Portion of the Child Credit.................................................... 28
 
F.
 
Marriage Penalty Relief and Earned Income Tax Credit Simplification .................... 30
 
G.
 
Education Incentives ................................................................................................... 34
 
H.
 
Modify and Make Permanent the Estate, Gift, and Generation Skipping Transfer Taxes After 2009 ......................................................................................................... 43
 
I.
 
Other Incentives for Families and Children (includes extension of the adoptiontax credit, employer-provided child care tax credit, and dependent care tax credit) .. 69
 
J.
 
Reinstate the Overall Limitation on Itemized Deductions and the PersonalExemption Phase-out .................................................................................................. 73
 
III.
 
TEMPORARY RECOVERY MEASURES ..................................................................... 78
 
A.
 
Extend the Making Work Pay Credit for One Year .................................................... 78
 
B.
 
Provide $250 Economic Recovery Payment and Special Tax Credit ......................... 82
 
C.
 
Extend COBRA Health Insurance Premium Assistance ............................................ 85
 
D.
 
Provide Additional Tax Credits for Investment in Qualified Property Used in aQualifying Advanced Energy Manufacturing Project ................................................ 90
 
E.
 
Extend Temporary Bonus Depreciation for Certain Property .................................... 94
 
F.
 
Extend Option for Cash Assistance to States in Lieu of Low-Income HousingTax Credit for 2010 ................................................................................................... 101
 
IV.
 
TAX CUTS FOR FAMILIES AND INDIVIDUALS .................................................... 105
 
A.
 
Increase in the Earned Income Tax Credit ................................................................ 105
 
B.
 
Expand the Child and Dependent Care Tax Credit ................................................... 109
 
C.
 
Automatic Enrollment in Individual Retirement Arrangements ............................... 111
 
D.
 
Saver’s Credit............................................................................................................ 129
 
E.
 
Extend American Opportunity Tax Credit ................................................................ 133
 
V.
 
TAX CUTS FOR BUSINESSES .................................................................................... 139
 
A.
 
Increase Exclusion of Gain on Sale of Qualified Small Business Stock .................. 139
 

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