The Effects of H.R. 4213
H.R. 4213 is the Unemployment Compensation Extension Act of 2010 or “‘An Act to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.”
This bill H.R. 4213 would amend the Internal Revenue Code of 1986 in order to extend certain provisions that were set to expire. More specifically, H.R. 4213 would extend the initial eligibility for any emergency unemployment compensation as well as complete Federal funding for any extended unemployment benefits through November 30, 2010.
H.R. 4213 was introduced on December 7, 2009 and sponsored by Democratic representative Charles Rangel of the 15th Congressional district of New York. It was passed by the House of Representatives two days later through a roll call vote where it received 241 ayes, 181 nays, and 12 not-votings. H.R. 4213 was then passed by the Senate on March 9, 2010 through a roll call vote with 62 ayes, 36 nays, and 2 not-votings. It was then signed into law by President Barack Obama on July 22, 2010.
Effects of H.R. 4213 on Stimulus Spending
Small Business Credits
• Eliminating certain fees on loans from the Small Business Administration.
• Increases the portion of loans the SBA guarantees from 75% to 90%.
• Extend and expand Build America Bonds, Recovery Zone bonds, bonds funding spending by private entities on water and sewer infrastructure.
• Funding for state housing agency funding.
• Extend tax exemptions for municipal bonds through the Federal Home Loan banks for funding non-housing infrastructure.
• Extend breaks for financial institutions buying municipal bonds.
• Extend tax breaks for a year for costs of cleaning as well as sales or exchange of hazardous environmental sites.
• Reestablishes “Surface Transportation Funding Equity” to certain states.
Businesses and Consumers
• Creates New Markets Tax Credit which allows investors low-income community businesses to claim the credit against the Alternative Minimum Tax.
• Extends economically depressed Empowerment Zone designations.
• Extends economically depressed Renewal Communities designation allowing eligibility for certain tax incentives.
• Extends Renewal Communities of certain areas of Washington D.C. and the $5,000 credit for first-time homebuyers.
• Suspends certain rules relieving single-employer along with multi-employer pension plans from funding requirements.
• Creates a new defined contribution plan administrator disclosure rules.
• Trade Adjustment Assistance for that expands a grant program for educational institutions that trains eligible workers.
• Allows amounts received in tariffs on fabrics to be used to support payments to suit makers in the U.S. through the Wool trust Fund.
• Recreates payment funding to U.S. cotton shirt makers through the cotton Trust Fund.
Effects of H.R. 4213 on Support for Working and Unemployed Individuals
Tax Cuts for Individuals
• Extends the choice of an itemized deduction for local and state sales taxes.
• Extends the additional deduction for local and state property taxes
• Extends the above-the-line deduction for eligible tuition and education expenses.
• Extends the above-the-line deduction for education professionals such as teachers for school supplies and books.
• Extends the Emergency Unemployment Compensation Program
• Extends the Extended Benefits program
• Extends the Federal Additional Compensation through November 2010
• Eliminates ineligibility for Emergency Unemployment Compensation Program for part-time employees.
Trust Fund for National Housing
• $1 billion one time capital infusion to the National Housing Trust Fund.
• Extends hold-harmless provisions preventing negative inflation rates from lowering the poverty line and which decreases eligibility for certain programs such as food stamps and Medicare.
• Consolidate federal income tax refunds exclusions from the income determinations used in federal assistance programs.