H.R.470 - Economic Recovery and Middle-Class Tax Relief Act of 2009111th Congress (2009-2010)
Summary: H.R.470 — 111th Congress (2009-2010)
Introduced in House (01/13/2009)
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.