Community Bankers Association of Illinois

President Signs CBAI Supported Tax Measures
December 17, 2010

President Obama signed into law a package of tax measures that will provide tax certainty, allow community banks and other small businesses to better support job growth and greater economic stability, and help encourage the nation's fragile economic recovery. These tax measures were scheduled to expire at the end of the year so action during the Congressional "Lame Duck" session was critical. The bill extends current income tax rates across the board, current capital gains and dividend tax rates and AMT relief. It also addresses the estate tax with a $5 million per individual exemption and 35% top rate for the next two years.

The Bill passed in the Senate 81-19 with both Illinois Senators Durbin (D) and Kirk (R) voting in favor of passage. The Bill passed in the House 277 - 148 with Illinois Congressmen Costello (D), Jackson (D), and Rush (D) voting against passage.

CBAI thanks its members for responding to the recent Action Alert urging Congress to pass the "Tax Extenders".

Please CLICK HERE to read the bill summary.

  800.736.2224 (IL) | 217.529.2265  
  DISCLAIMER: The association is not responsible for and has no control over the subject matter, content, information, or graphics when viewing links attached to this association's site.