Tax Bill!

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) extending the Bush-era tax rates. The legislation is not "paid for” it as yet!

A few key provisions of interest to Real Estate:
• Retention of Bush-era tax brackets through the 2011 and 2012 tax years;
• Retention of the capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012;
• Extension of numerous energy efficiency credits through December 31, 2011, including: the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.

I think the change in capital gains would have hurt our struggling market, so was glad to hear that they left at least that benefit on the table.