House Passes Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010

Just before midnight on Thursday, December 16, 2010, the House approved the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853) by a margin of 277 to 148. The measure passed in the Senate on December 15, 2010, by a margin of 81 to 19, and was signed into law by President Obama today.

Under this bill, individual taxpayers can expect significant tax advantages, including:

Businesses can also expect to gain tax advantages for the next year or two, including the following:

The measure is anticipated to inject over $800 billion into the U.S. economy and to create some certainty in tax planning for the short-term. However, predictability problems will likely arise again in 2011 and 2012, when many of these provisions are set to expire and policy makers prepare for 2012 elections.

If you would like further information with respect to this legislation, please contact any of the attorneys in our Tax Practice Group: Paul A. Iannone (, Thomas M. Divine ( or Monique R. Polidoro (

IRS Circular 230 Notice: Any tax advice provided herein is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed on any taxpayer.

This newsletter is being provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This newsletter may be deemed advertising under applicable state laws.

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