Stop Marsha Blackburn Now!

Small Business and Infrastructure Jobs Tax Act of 2010 – Amends the Internal Revenue Code to:

(1) allow a 100% exclusion from gross income of gain from the sale of qualified small business stock acquired after March 15, 2010, and before January 1, 2012;
(2) limit the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service (IRS) as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction;
(3) revise the definition of “qualified nonrecourse financing” to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration;
(4) increase in 2010 and 2011 the tax deduction for business start-up expenditures;
(5) extend through June 30, 2013, the period for issuing Build America Bonds;
(6) exempt private activity bonds for sewage and water supply facilities from the state volume caps applicable to such bonds;
(7) extend through 2011 the exemption from alternative minimum tax (AMT) treatment of interest on certain tax-exempt bonds;
(8) allow elective payments in lieu of low-income housing tax credits for low-income buildings financed by tax-exempt bonds;
(9) extend through 2011 the period for issuing recovery zone bonds; and
(10) allow an full offset against the AMT for new market tax credit amounts.

Sets forth revenue-raising provisions, including:
(1) a prohibition of any reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation;
(2) recognition of gain from the transfer of securities of a controlled corporation in a reorganization;
(3) the repeal of tax treatment as foreign source income of interest and dividends paid by certain resident alien individuals and U.S. corporations;
(4) treating rental income from real estate as a trade or business activity for tax reporting purposes;
(5) expanding the continuous tax levy on payments to vendors for good and services to include payments for all property, goods, or services and for delinquent employment taxes owed by such vendors;
(6) revising requirements for grantor retained annuity trusts to require a minimum 10-year period for payments from such trusts; and
(7) increasing tax penalties for failure to file correct information returns and for the intentional disregard of reporting requirements.

Requires the Commissioner of Internal Revenue to report by December 31, 2010, and then annually to the House Committee on Ways and Means and the Senate Committee on Finance on penalties relating to tax shelters and reportable transactions.

She’s #1 on the list, yes, it’s alphabetical, but I bet it’s also karma…MostCorrupt

I chuckle. I wonder how many constituents called asking her if Al Gore is going to make money on climate change initiatives. I wonder if she even saw his movie.

He even got another jab in by calling her ‘Congresswoman’ – she hates that, and wants to be called ‘Congressman’.