Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Long title	An act to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes.
Enacted by	the 111th United States Congress
Effective	(Various dates for different provisions)
Citations
Public law	Public Law 111-312
Statutes at Large	124 Stat. 3296
Codification
Acts amended	Economic Growth and Tax Relief Reconciliation Act of 2001 Jobs and Growth Tax Relief Reconciliation Act of 2003 American Recovery and Reinvestment Act of 2009 Energy Policy Act of 2005 Energy Policy Act of 1992 Public Utility Regulatory Policies Act of 1978 Public Utility Holding Company Act of 1935
Titles amended	16 U.S.C.: Conservation 42 U.S.C.: Public Health and Social Welfare
U.S.C. sections amended	16 U.S.C. ch. 46 § 2601 et seq. 42 U.S.C. ch. 134 § 13201 et seq. 42 U.S.C. ch. 149 § 15801 et seq.
Legislative history
Introduced in the House as H.R. 4853 by Rep. James Oberstar on March 16, 2010 (in unrelated form); subsequently introduced December 1, 2010 (in this form) Passed the Senate on December 15, 2010 (81-19) Passed the House on December 16, 2010 (277-148) Signed into law by President Barack Obama on December 17, 2010

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub.L. 111–312, www.congress.gov/bill/111th-congress/house-bill/4853, 124 Stat. 3296, enacted December 17, 2010), also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010.

The Act centers on a temporary, two-year reprieve from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts." Income taxes would have returned to Clinton administration-era rates in 2011 had Congress not passed this law. The Act also extends some provisions from the American Recovery and Reinvestment Act of 2009 (ARRA or 'the Stimulus'). The act also includes several other tax- and economy-related measures intended to have a new stimulatory effect, mostly notably an extension of unemployment benefits and a one-year reduction in the FICA payroll tax, as part of a compromise agreement between Obama and Congressional Republicans. The overall monetary impact of the measure has been placed at $858 billion.

The law was also known, during its earlier formulation in the House of Representatives, as the Middle Class Tax Relief Act of 2010. The package has been referred to as the "Obama-GOP tax deal" as well the "Obama tax cuts".

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