Job Creation and Tax Cuts Act of 2010

Bill: 111-s-3793
Sponsor: Sen. Baucus, Max [D-MT]
Introduced: 2010-09-16 in the Senate
Policy area: Taxation
Subjects: Adoption and foster care
Agricultural prices, subsidies, credit
Alternative and renewable resources
American Samoa
Appropriations
Books and print media
Budget deficits and national debt
Business investment and capital
Capital gains tax
Child health
Coal
Computers and information technology
Congressional oversight
Corporate finance and management
Department of Agriculture
Disability and paralysis
Disaster relief and insurance
District of Columbia
Economic development
Electric power generation and transmission
Elementary and secondary education
Employee benefits and pensions
Energy efficiency and conservation
Financial services and investments
Food assistance and relief
Food industry and services
Foreign and international corporations
Forests, forestry, trees
Government lending and loan guarantees
Government liability
Government trust funds
Health care costs and insurance
Health care coverage and access
Home and outpatient care
Hospital care
Housing finance and home ownership
Hybrid, electric, and advanced technology vehicles
Income tax credits
Income tax deductions
Income tax rates
Indian social and development programs
Infrastructure development
Interest, dividends, interest rates
Long-term, rehabilitative, and terminal care
Louisiana
Low- and moderate-income housing
Manufacturing
Marine pollution
Medicaid
Medical tests and diagnostic methods
Medicare
Military medicine
Mining
Minority and disadvantaged businesses
Mississippi
Motor fuels
Motor vehicles
New York City
Nursing
Oil and gas
Pollution liability
Poverty and welfare assistance
Prescription drugs
Public utilities and utility rates
Puerto Rico
Racial and ethnic relations
Railroads
Real estate business
Research and development
Residential rehabilitation and home repair
Roads and highways
Rural conditions and development
Sales and excise taxes
Securities
Social work, volunteer service, charitable organizations
Solid waste and recycling
Sports and recreation facilities
State and local courts
State and local taxation
Student aid and college costs
Tariffs
Teaching, teachers, curricula
Television and film
Trade adjustment assistance
Transportation programs funding
U.S. and foreign investments
Unemployment
User charges and fees
Virgin Islands
Wages and earnings
Water use and supply
Worker safety and health
Youth employment and child labor

Summary:
action_date: 2010-09-16
text: 
Job Creation and Tax Cuts Act of 2010 - Amends the Internal Revenue Code to extend expiring tax expenditure provisions relating to infrastructure financing, energy, individuals, housing, businesses, health care, and disaster relief. Requires a report to Congress on each tax expenditure extended by this Act. 
 
Makes technical corrections and other amendments to laws relating to pension funding. 
 
Sets forth tax rules for the treatment of partnership interests transferred in connection with the performance of services. Treats as ordinary income or loss net income or loss from an investment services partnership interest. 
 
Extends through 2020 the Oil Spill Liability Trust Fund financing rate and increases such rate to 78 cents a barrel. Increases from $1 billion to $5 billion the per incident limitation on expenditures from such Trust Fund. Denies a tax deduction for the payment of punitive damages. Includes in taxpayer gross income punitive damages paid by an insurer.
 
Amends the Public Health Service Act, the Social Security Act, and other statutes relating to health care assistance to individuals.
 
Provides additional funding for: (1) grants to states for youth activities, including summer employment; and (2) the Housing Trust Fund for low-income housing programs.
 
Individual Indian Money Account Litigation Settlement Act of 2010 - Authorizes, ratifies, and confirms the Class Action Settlement Agreement dated December 7, 2009, in the case entitled 
Elouise Cobell et al. v. Ken Salazar
. Establishes in the Treasury the Trust Land Consolidation Fund and the Indian Education Scholarship Holding Fund to carry out terms of the Settlement Agreement. 
 
Appropriates funds to the Department of Agriculture to carry out the terms of a settlement agreement to resolve claims raised in the cases consolidated in 
In re Black Farmers Discrimination Litigation
, including Pigford claims (relating to a racial discrimination action against the Department of Agriculture).
 
Amends the Surface Transportation Extension Act of 2010 to authorize expenditures from the Highway Trust Fund for allocations of infrastructure funding to states.
 
Amends the Harmonized Tariff Schedule of the United States to extend through 2013 duty suspensions on certain cotton fabrics. Authorizes transfers from the Treasury to restore payment levels from the Wool Apparel Manufacturers Trust Fund.
 
Trade Adjustment Assistance Extension Act of 2010 - Amends the Trade and Globalization Adjustment Assistance Act of 2009 to extend through 2012 trade adjustment assistance programs. 
 
Extends through FY2011, and makes appropriations for, activities authorized by part A of title IV (Temporary Assistance to Needy Families) (TANF) of the Social Security Act (SSA), other than the Emergency Contingency Fund for State Temporary Assistance for Needy Families Programs, in the manner authorized for FY2010, subject to the amendments made by this Act. Increases and extends through FY2011 grant funding to state courts to assess and improve handling of proceedings relating to foster care and adoption.
 
Amends Internal Revenue Code provisions relating to unemployment compensation program integrity.
 
Extends: (1) through December 31, 2019, fees for customs services in connection with processing of merchandise; and (2) through September 30, 2019, fees for custom services in connection with commercial vehicles.
 
Foreign-Held Debt Transparency and Threat Assessment Act - Requires: (1) the President to report to Congress quarterly on the risks posed by foreign holdings of debt instruments of the United States; (2) the Secretary of the Treasury to report annually on such risks; and (3) the Comptroller General to report annually on risks to the United States posed by the federal debt. Requires the President to formulate and implement a plan of action to reduce the risk posed by foreign holdings of debt instruments to U.S. long-term national security or economic stability.
 
Establishes in the Department of the Treasury the Office of the Homeowner Advocate to assist homeowners, housing counselors, and housing lawyers in resolving problems with the Home Affordable Modification Program.
 
Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010. 


Legislative actions:
action_date: 2010-09-20
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 572.
action_date: 2010-09-16
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2010-09-16
text: Introduced in Senate