May 12, 2010
May 10, 2010
April 27, 2010(Key vote)
Title: Temporary Limit on Income Tax Exemption
Vote Smart's Synopsis:
Vote to pass a bill that limits the income tax credit for economic investments in enterprise zones (equal to 3 percent of the investment) to $250,000 for the 2011, 2012, and 2013 income tax years.
-Requires taxpayers to defer claiming any amount of the credit allowed that exceeds $250,000 to the 2014 income tax year (Sec. 1).
-Authorizes taxpayers to claim the deferred credit as an investment tax credit carryover for 12 income tax years following the year the credit was originally allowed plus 1 additional income tax year for each income tax year that the credit was deferred (Sec. 1).