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Provisions of the 2010 Tax Relief Act

By Richard H. Stieglitz and Zachary H. Zimmet
January 27, 2011

After much wrangling among members of Congress, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) on Dec. 17, 2010. The new law, estimated at a cost of $800 billion, contains numerous tax incentives and relief provisions that will directly or indirectly affect law firms, partners, their staffs and their clients. It extends the Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years, provides for an AMT “patch,” a one-year payroll tax cut, 100% bonus depreciation through 2011 and 50% bonus depreciation for 2012, a top federal estate tax of 35% with a $5 million exemption, and more. The following are highlights of these provisions:

Enhanced Bonus Depreciation

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