After much Congressional deliberation, The Tax Relief Act of 2010 (the “Act”) been passed by the House just before midnight on December 16, 2010 and is expected to be signed into law by the President imminently. This significant piece of tax legislation temporarily extends the Bush-era tax cuts, provides for significant estate tax relief, and contains a myriad of other tax benefits for both individuals and businesses.
Some of the key provisions are noted below:
- Favorable Capital Gains and Dividend Tax Rates
- Beneficial Individual Income Tax Rates
- Alternative Minimum Tax (“AMT”) Patch
- Lucrative Incentives for Business Investment
- Estate Tax Relief
- Payroll Tax Reduction