Today, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) into law.

The Act extends the Bush era tax rates for individuals. In addition to extending favorable rates, it also has some important business incentive provisions that our clients should be aware of. Finally, the Act includes temporary modifications to the estate, gift and generation-skipping transfer tax rules. This Client Alert summarizes the key provisions.