The White House today released the legislative language (155 pages) and section-by-section analysis (41 pages) of the American Jobs Act of 2011. Here are the revenue offsets:
TITLE IV — OFFSETS
Subtitle A – 28 Percent Limitation on Certain Deductions and Exclusions
Sec. 401. 28 Percent Limitation on Certain Deductions and Exclusions
Subtitle B – Tax Carried Interest in Investment Partnerships as Ordinary Income
Sec. 411. Partnership Interests Transferred In Connection With Performance of Services
Subtitle C – Close Loophole for Corporate Jet Depreciation
Sec. 421. General Aviation Aircraft Treated As 7-Year Property
Subtitle D — Repeal Oil Subsidies
Sec. 431. Repeal of Deduction for Intangible Drilling and Development Costs for Oil and Gas Wells
Sec. 432. Repeal of Deduction for Tertiary Injectants
Sec. 433. Repeal of Percentage Depletion for Oil And Gas Wells
Sec. 434. Section 199 Deduction Not Allowed With Respect to Oil, Natural Gas
Sec. 435. Repeal Oil and Gas Working Interest Exception to Passive Activity Rules
Sec. 436. Uniform Seven-Year Amortization for Geological and Geophysical Expenditures
Sec. 437. Repeal Enhanced Oil Recovery Credit
Sec. 438. Repeal Marginal Well Production Credit
Subtitle E — Dual Capacity Taxpayers
Sec. 441. Modifications of Foreign Tax Credit Rules Applicable to Dual Capacity Taxpayers
Sec. 442. Separate Basket Treatment Taxes Paid on Foreign Oil and Gas Income
Subtitle F – Increased Target and Trigger for Joint Select Committee on Deficit Reduction
Sec. 451. Increased Target and Trigger for Joint Select Committee on Deficit Reduction
5 responses to “American Jobs Act of 2011: Statutory Language and White House Explanation”
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The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
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The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
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The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
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The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
Obama proposes tax increases to pay for tax cuts
The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
Obama proposes tax increases to pay for tax cuts
The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
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The President has released the tax increases he wants to see as part of his “jobs” bill. They should be…
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