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Tax Extenders Legislation One Step Closer

The Senate today passed the American Workers, State, and Business Relief Bill of 2010 (H.R. 4213). Along with extending unemployment benefits and COBRA premium subsidies, the bill includes an anticipated  tax-extenders package, providing for the 1-year extension of multiple tax provisions that had expired on December 31, 2009. Extended provisions include:

  • Itemized deduction for state and local general sales tax in lieu of itemized deductions for state and local income tax
  • Additional standard deduction for real estate tax
  • Above-the-line deduction for qualified higher education expenses
  • $250 above-the-line deduction for teachers who purchase materials and supplies used in a classroom
  • $100,000 tax-free distributions from IRAs to charities by individuals age 70 1/2 or older
  • Provisions relating to the charitable contribution of real property for qualified conservation purposes
  • Provisions relating to federally declared disaster areas

The Senate bill now has to be reconciled with the version of the legislation passed by the House.

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