House Votes to Extend Tax Relief to Families, Teachers, Homeowners, Military Families
December 9, 2009
“This bill provides important tax relief to those who need it the most – working families, students, homeowners, small businesses, teachers and the military. Equally important, passing this legislation will encourage good corporate citizenship through the donations of computers for classrooms and books for our libraries,” Congressman Cohen said. “By extending tax incentives and credits aimed at spurring economic development we have the chance to create jobs throughout the Ninth District.”
H.R. 4213, the Tax Extenders Act of 2009, will provide individuals and business with tax relief in 2009 by extending more than 40 provisions of the IRS code that are set to expire at the end of the month. To avoid raising the deficit, the bill closes a number of tax loopholes, such as forcing foreign-owned businesses to share the names of their American clients who are trying to hide their off-shore assets and increasing taxes on so-called “carried interest” earned by hedge-fund managers on Wall Street.
For Individuals
• The bill extends the deduction of state and local general sales taxes, and the additional standard deduction for real property taxes.
• For college students, the bill continues the qualified tuition deduction.
• Additionally, the legislation extends the elementary and secondary school teacher expense deduction used to off-set the out-of-pocket expenses of school professional for books, supplies, and computer equipment.
• To help small businesses who employ reservists who have been activated for active duty service, the bill extends the employer wage credit.
Charitable Provisions
To encourage individual and corporate donations, the bill extends the deductions for contributions of book inventories to public schools and computer equipment for educational purposes.
Community Assistance Programs
The bill extends the Empowerment Zone and Renewable Communities tax incentives, along with the New Market Tax Credit.
A complete list of the tax provisions being extended is available online at https://waysandmeans.house.gov/media/pdf/111/Extenders_Summary.pdf .
________________________
Steven Broderick
Communications Director
Congressman Steve Cohen (TN-9)
1005 Longworth House Office Building
Washington, DC 20515
Direct: 202-226-7916
Main: 202-225-3265
steven.broderick@mail.house.gov
H.R. 4213, the Tax Extenders Act of 2009, will provide individuals and business with tax relief in 2009 by extending more than 40 provisions of the IRS code that are set to expire at the end of the month. To avoid raising the deficit, the bill closes a number of tax loopholes, such as forcing foreign-owned businesses to share the names of their American clients who are trying to hide their off-shore assets and increasing taxes on so-called “carried interest” earned by hedge-fund managers on Wall Street.
For Individuals
• The bill extends the deduction of state and local general sales taxes, and the additional standard deduction for real property taxes.
• For college students, the bill continues the qualified tuition deduction.
• Additionally, the legislation extends the elementary and secondary school teacher expense deduction used to off-set the out-of-pocket expenses of school professional for books, supplies, and computer equipment.
• To help small businesses who employ reservists who have been activated for active duty service, the bill extends the employer wage credit.
Charitable Provisions
To encourage individual and corporate donations, the bill extends the deductions for contributions of book inventories to public schools and computer equipment for educational purposes.
Community Assistance Programs
The bill extends the Empowerment Zone and Renewable Communities tax incentives, along with the New Market Tax Credit.
A complete list of the tax provisions being extended is available online at https://waysandmeans.house.gov/media/pdf/111/Extenders_Summary.pdf .
-30-
________________________
Steven Broderick
Communications Director
Congressman Steve Cohen (TN-9)
1005 Longworth House Office Building
Washington, DC 20515
Direct: 202-226-7916
Main: 202-225-3265
steven.broderick@mail.house.gov