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H.R. 470 · 111th Congress

Economic Recovery and Middle-Class Tax Relief Act of 2009

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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

Economic Recovery and Middle-Class Tax Relief Act of 2009 - Makes permanent the reductions in the dividend and capital gain tax enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

What it does: CRS summary · Introduced in House · Jan 13, 2009

Economic Recovery and Middle-Class Tax Relief Act of 2009 - Makes permanent the reductions in the dividend and capital gain tax enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Amends the Internal Revenue Code to: (1) reduce individual and corporate income tax rates; (2) repeal the alternative minimum tax for individual taxpayers; (3) allow inflation adjustments to the basis of capital assets in determining gain or loss; (4) reduce the capital gains tax rate for corporations; (5) repeal limitations on the expensing allowance for depreciable business assets; (6) make permanent the tax credit for increasing research activities; (7) extend the carryback period for net operating losses to seven years; (8) increase the child tax credit; (9) exclude from gross income in 2009 distributions from an individual retirement plan (IRA) and exempt IRAs from mandatory distribution requirements after 2009; and (10) increase the tax deductions for tuition and related expenses and for the interest on qualified education loans.

Makes 1% across-the-board rescissions in non-defense discretionary spending for FY2009.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Economic Recovery and Middle-Class Tax Relief Act of 2009

Latest action (Jan 13, 2009): Referred to House Appropriations

Policy area: Taxation · Origin: House · Introduced: Jan 13, 2009

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.