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Government
& Public Affairs Update
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Government &
Public Affairs Team
Reginald M. Turner
John
Van Fossen, Practice Group Leader
Lucius A. Vassar
Chris Wagner
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Levin to Introduce New Jobs Provisions
as Ways and Means Chairman
As part of the
Democrats' effort to move jobs creation legislation in smaller
pieces, new House Ways and Means Chairman Sander Levin (D-MI) intends
to introduce a $12 billion bill tomorrow that will focus on small
businesses tax relief.
The bill will feature legislation that Levin introduced in December
that would increase from 50 to 100 percent the exclusion from gross income allowed for gain from the sale or exchange
of qualified small business stock that is acquired during 2010, and
exempt gain from such stock in calculating the alternative minimum
tax.
Fellow Democratic Ways and Means Representative Richard Neal (D-MA)
hopes to use the bill to expand access to private activity bonds and
the Build America Bonds program, and to extend the New Markets Tax
Credit for economically struggling areas.
As Levin attempts to revitalize an important committee that has
become inactive during former Chairman Charles Rangel's (D-NY) ethics
investigation, other committees are continuing to push non-tax
aspects of jobs legislation. House Education and Labor Chairman
George Miller (D-CA) introduced legislation yesterday to provide $75
billion to be used for salaries for 50,000 on-the-job private-sector
training positions, "so local business can put people back to
work in the local economies," Miller said.
The bill also would provide $23 billion this year to help states
support 250,000 education jobs, another $1.18 billion to put 5,500
law enforcement officers on the street and an additional $500 million
to retain and hire firefighters.
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If you have
any questions concerning these issues, please contact Chris Wagner at
202.772.0924 or cwagner@clarkhill.com.
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To find out
more about Clark Hill and our Government & Public Affairs
Practice Group, visit clarkhill.com
or call 800.949.3124
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