{"id":369,"date":"2011-04-15T10:19:34","date_gmt":"2011-04-15T17:19:34","guid":{"rendered":"https:\/\/cmcdllc.com\/?p=369"},"modified":"2021-06-14T17:47:02","modified_gmt":"2021-06-15T00:47:02","slug":"feb-2010-cmcd","status":"publish","type":"post","link":"https:\/\/cmcdllc.com\/?p=369","title":{"rendered":"FEB 2011 &#8211; TAX RELIEF ACT OF 2010 (Part II)"},"content":{"rendered":"<p><strong>TAX RELIEF ACT OF 2010 \u2013 CRITICAL ITEMS YOU SHOULD KNOW (CONTINUED)<\/strong><\/p>\n<p>On Dec 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The bill\u2019s total cost to the US Treasury is $858 billion. Individual taxpayers will receive the bulk of the benefit as the bill targets some $700 billion in tax breaks toward them. The following is a summary of certain tax provisions in this bill:<\/p>\n<p><strong>EARNED INCOME CREDIT<\/strong><br \/>\nEGTRRA and subsequent legislation temporarily increased the beginning and end points of the earned income tax credit (EITC), increased the credit for three or more children and made other taxpayer friendly changes. Legislation also simplified the definition of earned income, eliminated the rule that reduced a taxpayer\u2019s EITC by the amount of AMT liability, reformed the relationship test, modified the tie-breaking rule, and gave the IRS additional math error authority. All these enhancements were subject to the general EGTRRA sunset of December 31, 2010. The 2010 Tax Relief Act extends the enhanced EITC for two years, through December 31, 2012.<\/p>\n<p><strong>AMERICAN OPPORTUNITY TAX CREDIT<\/strong><br \/>\nThe 2009 Recovery Act enhanced and renamed the Hope education credit as the American Opportunity Tax Credit (AOTC) for 2009 and 2010. The 2010 Tax Relief Act extends the AOTC for two years, through December 31, 2012. Also extended are income limitations (the AOTC begins to phase out for single individuals with modified AGI of $80,000 ($160,000 for married couples filing jointly) and completely phases out for single individuals with modified AGI of $90,000 ($180,000 for married couples filing jointly).<\/p>\n<p><strong>100% BONUS DEPRECIATION<\/strong><br \/>\nBonus depreciation for qualifying investments made after September 8, 2010 through December 31, 2011 will be eligible for 100% bonus depreciation. Property placed in service in 2012 will be eligible for 50% bonus depreciation. Bonus depreciation is generally not limited to use by smaller businesses or capped at dollar levels.<\/p>\n<p><strong>BUSINESS ENGERY INCENTIVES<\/strong><br \/>\nBusiness energy incentives extended by the 2010 Tax Relief Act are:<br \/>\n\u2022 Credits for biodiesel and renewable diesel fuel (two years)<br \/>\n\u2022 Credit for refined coal facilities (two years with modifications)<br \/>\n\u2022 New energy efficient home credit for qualified builders and manufacturers (homes purchased before January 1, 2012)<br \/>\n\u2022 Excise tax credits and outlay payments for alternative fuel and alternative fuel mixtures (two years)<br \/>\n\u2022 Sales of electric transmission property (sales before January 1, 2012)<br \/>\n\u2022 Percentage depletion for oil and gas from marginal wells (two years)<br \/>\n\u2022 Grants for certain energy property in lieu of tax credits (variable)<br \/>\n\u2022 Tax credits and outlay payments for ethanol and duties on imported ethanol (one year with modifications)<br \/>\n\u2022 Energy efficient appliance credit (one year with modifications)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TAX RELIEF ACT OF 2010 \u2013 CRITICAL ITEMS YOU SHOULD KNOW (CONTINUED) On Dec 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The bill\u2019s total cost to the US Treasury is $858 billion. Individual taxpayers will receive the bulk of the benefit as the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/369"}],"collection":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=369"}],"version-history":[{"count":9,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/369\/revisions"}],"predecessor-version":[{"id":376,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/369\/revisions\/376"}],"wp:attachment":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}