On December 17, 2010 the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act) was signed into law. The Act includes:
- Lower Tax Rates (Bush Tax Cuts) extended through 2012
- Marriage Penalty Relief extended through 2012
- Social Security Tax reduction for 2011 only
- Personal Exemption and Itemized Deduction Phase-outs repealed through 2012
- AMT patched for 2010 and 2011
- $5 Million Estate Tax Exemption and 35% estate tax rate for 2011 and 2012
- Estate tax exemption portability for 2011 and 2012
- First year bonus depreciation allowed for assets placed in service through 2012.