President Obama on September 8, 2011 announced a $447 billion proposal to spur job creation and further economic recovery.
UPDATE
Prior to the end of 2011, Congress and the President approved a two month extension of several initiatives including the payroll tax cut, which was included in the American Jobs Act of 2011. Originally set to expire on December 31, 2011, the provisions are now extended through the end of February.
A 20 member conference committee has been appointed to reconcile the House and Senate bills and determine a way to fund the provisions through the end of 2012. The following conferees have been announced:
| Senator Max Baucus (D-MT) | Rep. Kevin Brady (R-TX) |
| Senator Ben Cardin (D-MD) | Rep. Dave Camp (R-MI) |
| Senator Jack Reed (D-RI) | Rep. Renee Ellmers (R-NC) |
| Senator Bob Casey (D-PA) | Rep. Nan Hayworth (R-NY) |
| Senator Jon Kyl (R-AZ) | Rep. Tom Price (R-GA) |
| Senator Mike Crapo (R-ID) | Rep. Thomas Reed (R-NY) |
| Senator John Barrasso (R-WY) | Rep. Fred Upton (R-MI) |
| Rep. Greg Walden (R-OR) | |
| Rep. Chris Van Hollen (D-MD) | |
| Rep. Allyson Schwartz (D-PA) | |
| Rep. Sander Levin (D-MI) | |
| Rep. Xavier Becerra (D-CA) | |
| Rep. Henry Waxman (D-CA) |
The conference committee is expected to convene the week of January 16, 2012.
IS Position on the American Jobs Act
Independent Sector released an extended statement on the American Jobs Act in September 2011.
Legislation
A revised version of the American Jobs Act has been introduced in the Senate. Despite replacing a controversial offset proposed by the president to cap itemized deductions for high-income earners with a surtax on millionaires (see below), a Senate vote on the measure was blocked. See a section-by-section summary of the proposal.
On the House side, Republican leaders have indicated that they will unlikely take up the jobs package in its entirety.
Impact on the Charitable Deduction
Senate Majority Leader Harry Reid (D-NV) has introduced an amended version of the American Jobs Act that replaces the president's proposed 28 percent cap on itemized deductions, including the charitable deduction, for individuals earning over $200,000 ($250,000 for couples) with a 5.6 percent surtax on taxpayers earning over $1 million a year. Read Diana's Letter
Hiring Tax Credit for Unemployed Veterans
Congress has passed legislation that includes an expanded provision from the American Jobs Act to provide tax credits for nonprofit employers who hire unemployed veterans. Learn More
The proposal includes tax incentives to for-profit and nonprofit employers who hire long-term unemployed individuals and veterans. See Independent Sector's analysis of the legislation for a comparison of benefits provided to nonprofit and for-profit employers, as well as a summary of the offsets contained in the proposal and a White House fact sheet on the legislation's benefits for nonprofit organizations and their employees.
