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Tax Provisions in the Tax Relief and Health Care Act of 2006 (H.R. 6111), December 14, 2006 1 (December 14, 2006)

handle is hein.tera/crstax0269 and id is 1 raw text is: Order Code RS22551 Updated December 14, 2006 ~ CRS Repo for Congress Tax Provisions in the Tax Relief and Health Care Act of 2006 (H.R. 6111) Erika Lunder Legislative Attorney American Law Division Summary As one of the last acts of the 109th Congress, the House and Senate passed the Tax Relief and Health Care Act of 2006 (H.R. 6111). This report summarizes the tax provisions in Division A - Title I (extenders), Title II (energy tax provisions), Title III (health savings accounts), and Title IV (other provisions). For more information on tax extenders, see CRS Report RL32367, Temporary Tax Provisions (Extenders ) Expired in 2005; for information on energy tax policy, see CRS Report RL33578, Energy Tax Policy: History and Current Issues; for information on health savings accounts, see CRS Report RL33257, Health Savings Accounts: Overview of Rules for 2007. Title I - Extenders. Sections 101 to 122 extend various expiring tax provisions. The following provisions are extended through 2007: * the deduction for qualified tuition and related expenses; * the deduction for state and local sales taxes; the research and development credit (the Act also makes other changes, including increasing the rates for the alternative incremental credit and creating an alternative simplified credit); * the work opportunity tax credit and welfare-to-work tax credit (the Act also consolidates the two credits); the election to treat combat pay as earned income for the earned income tax credit; * the authority to issue qualified zone academy bonds; the deduction for expenses of school teachers; the provision allowing brownfields remediation costs to be expensed (the Act also extends the provision to the cleanup of petroleum products); * the designation of the District of Columbia as an enterprise zone and its authority to issue tax-exempt bonds, the 0% capital gains rate for qualified D.C. assets, and the first-time D.C. homebuyers credit; * the Indian employment tax credit and the provision allowing accelerated depreciation for business property on Indian reservations; Congressional Research Service -f-! The Library of Congress Prepared for Members and Commitees of Congress

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