On December 7, House Ways and Means Committee Chair Charlie Rangel (D-NY) formally introduced H.R. 4213, the “Tax Extenders Act of 2009.” The 110-page measure, which would extend for one year 40-plus provisions that are set to expire at the end of this year, would be paid for by new foreign account tax compliance measures, and taxing “carried interest” as ordinary income. The bill is slated to be considered by the House Rules Committee on December 8, and then proceed directly to the House floor.
Individual provisions that would get a one-year lease on life are the election to claim an itemized deduction for state and local general sales taxes, the additional standard deduction for real property taxes, and the above-the-line deductions for qualified tuition costs and for schoolteachers.
On December 7, House Ways and Means Committee Chair Charlie Rangel (D-NY) formally introduced H.R. 4213, the “Tax Extenders Act of 2009.” The 110-page measure, which would extend for one year 40-plus provisions that are set to expire at the end of this year, would be paid for by new foreign account tax compliance measures, and taxing “carried interest” as ordinary income. The bill is slated to be considered by the House Rules Committee on December 8, and then proceed directly to the House floor.
Individual provisions that would get a one-year lease on life are the election to claim an itemized deduction for state and local general sales taxes, the additional standard deduction for real property taxes, and the above-the-line deductions for qualified tuition costs and for schoolteachers.
