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American Jobs and Closing Tax Loopholes Act

Posted By Jim On 05/25/2010 @ 2:57 pm In NEWS | 18 Comments

The Senate Finance Committee and the House Ways and Means Committee have released the legislative text of the American Jobs and Closing Tax Loopholes Act [3] that, among other things, introduces tax cuts, expands career training, and extends eligibility for unemployment benefits. As noted by Arthur Delaney at the Huffington Post, this bill will not bring relief [4] those who have exhausted their 99 weeks of unemployment benefits.

What’s in this bill that will affect you (as opposed to businesses)?

  • It would extend the state and local sales tax deduction, which expired December 31st, 2009.
  • It would extend a tuition deduction, estimated to affect 4.4 million families.
  • It would extend the teacher’s out-of-pocket expenses deduction.
  • It would extend a standard deduction for real property taxes. The Housing Assistance Tax Act of 2008 allowed homeowners to claim $500 ($1,000 for joint filers) for real property taxes if they claimed the standard deduction.
  • It would extend the Extended Unemployment Compensation [5] program, which was set to expire June 2nd, 2010, through the end of the year.
  • it would extend the COBRA subsidy (which pays 65% of COBRA health insurance continuation premiums) to the end of the year.

If you’re curious about the other provisions in the bill, the ones that don’t directly affect us (many of which pay for the tax break extensions), the Washington Post has a good summary [6].

(Photo: laurapadgett [7])

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[3] American Jobs and Closing Tax Loopholes Act: http://waysandmeans.house.gov/press/PRArticle.aspx?NewsID=11185

[4] bill will not bring relief: http://www.huffingtonpost.com/2010/05/24/long-term-unemployment-no_n_587119.html

[5] Extended Unemployment Compensation: http://www.ows.doleta.gov/unemploy/pdf/euc08.pdf

[6] Washington Post has a good summary: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/24/AR2010052403585.html

[7] laurapadgett: http://www.flickr.com/photos/laurapadgett/2987300523/sizes/m/

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