Senators have adopted a procedural (cloture) motion on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (H.R. 4853) by a vote of 83-15. Sixty votes were needed to adopt the motion.
Some provisions in the bill, per a press release from Majority Leader Harry Reid (D-NV):
- Extends by two years the current tax rate for middle class families.
- Includes a $120 billion payroll tax reduction for workers.
- Extends unemployment insurance benefits for 13 months, providing a safety net that Nevadans need while they look for work.
- Extends the American Opportunity Tax Credit (college tuition), the Child Tax Credit and the Earned Income Tax Credit.
- Allows businesses to deduct 100% of certain investments in the first year.
- Extends for two years the state and local sales tax deduction
- Extends Alternative Minimum Tax relief for two years.
- Extends incentives that have been important for Nevada’s developing clean energy industry.
The package also obviously extends the upper-income tax cuts as well. The Hill prices this legislation at around $858 billion.