House Votes 277-148 to Approve Senate Tax Cut Extension Bill

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Late last night, after much debate and politicking, the House approved H.R. 4853, the $859 billion Tax Relief, Unemployment

Insurance Reauthorization and Job Creation Act of 2010 (the “Tax Relief Act”). The legislation passed the Senate by a vote of

81-19 on December 15 and is expected to be signed into law as early as today by President Obama.

The Tax Relief Act has far-reaching implications for almost all Americans, as it not only extends President Bush’s federal

income tax cuts but also sets the federal estate, gift and generation-skipping transfer (“GST”) tax rates and applicable

exclusion amounts for 2010 through 2012.

Please see full advisory below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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