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{title: 'THOMAS - Bill Text - h470.ih', link: 'http://thomas.loc.gov/cgi-bin/query/z?c111:h470.ih:' }


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Congressional Record References

Bill Summary & Status

H.R.470

Economic Recovery and Middle-Class Tax Relief Act of 2009 (Introduced in House)
Beginning
 January 13, 2009
    SECTION 1. SHORT TITLE.
    Sec. 1. Short title.
 TITLE I--INCENTIVES FOR ECONOMIC GROWTH
 Subtitle A--Income Tax Reductions
    SEC. 101. 2003 TAX REDUCTIONS MADE PERMANENT.
    SEC. 102. 5 PERCENT REDUCTION IN INDIVIDUAL INCOME TAX RATES.
    SEC. 103. REPEAL OF ALTERNATIVE MINIMUM TAX ON INDIVIDUALS.
    SEC. 104. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.
 Subtitle B--Reduction of Income Taxes on Capital Assets
    SEC. 111. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN OR LOSS.
    `SEC. 1023. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN OR LOSS.
    SEC. 112. REDUCED CAPITAL GAINS RATE FOR CORPORATIONS.
 Subtitle C--Other Provisions Related to Businesses
    SEC. 121. REPEAL OF CERTAIN LIMITATIONS ON THE EXPENSING OF SECTION 179 PROPERTY.
    SEC. 122. RESEARCH CREDIT MADE PERMANENT.
    SEC. 123. 7-YEAR CARRYBACK OF NET OPERATING LOSSES.
 Subtitle D--Other Provisions Relating to Individuals
    SEC. 131. CHILD TAX CREDIT INCREASED AND MADE PERMANENT.
    SEC. 132. DISTRIBUTIONS NOT REQUIRED FROM INDIVIDUAL RETIREMENT PLANS AT AGE 70 1/2 .
    SEC. 133. NO IRA DISTRIBUTION DURING 2009 INCLUDED IN GROSS INCOME.
 TITLE II--ACROSS-THE-BOARD RESCISSIONS IN NON-DEFENSE DISCRETIONARY SPENDING FOR FISCAL YEAR 2009
    SEC. 201. ACROSS-THE-BOARD RESCISSIONS IN NON-DEFENSE DISCRETIONARY SPENDING FOR FISCAL YEAR 2009.
 TITLE III--INCREASED INCENTIVES FOR EDUCATION
    SEC. 301. INCREASED DEDUCTION FOR QUALIFIED HIGHER EDUCATION EXPENSES.
    SEC. 302. INCREASED DEDUCTION FOR INTEREST ON STUDENT LOANS.
 
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