S. 722 would amend the Internal Revenue Code of 1986 to provide for permanent alternative minimum tax relief, middle class tax relief, and estate tax relief, and to permanently extend certain expiring provisions.
Detailed Summary
Taxpayer Certainty and Relief Act of 2009 - Amends the Internal Revenue Code to: (1) make permanent the increased alternative minimum tax (AMT) exemption amounts and the offsets against such tax for nonrefundable tax credits; (2) adjust such AMT exemption amounts for inflation after 2009; (3) make reductions in individual income tax rates and capital gains and dividend tax rates enacted by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) permanent; (4) make expanded eligibility for the child tax credit permanent; (5) increase the earned income tax credit rate for taxpayers with three or more children; (6) make estate, gift, and generation-skipping transfer provisions in effect in 2009 permanent and adjust estate and gift tax unified credit amounts for inflation after 2010; and (7) allow surviving spouses to increase their estate and gift tax unified credit by any unused credit amounts of a deceased spouse.
Repeals EGTRRA sunset dates for: (1) marriage penalty relief provisions; and (2) increases in the dependent care, adoption assistance, and earned income tax credit.
Status of the Legislation
Latest Major Action: 3/26/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
mercyside
March 27, 2009, 10:44am (report abuse)Thanks, webmaster, for this great site.