Less TL;DR version
JOBS COMPONENTS Payroll tax rollback. Hiring credit extension.
Extends the unemployment program. EUC (emergency unemployment compensation) changes. deducts from those funds the amount gained in wages paid via subsidized programs.
Various subprograms of the unemployment package extended.
Establishes the Pathways Back to Work Fund; subsidized employment to unemployed, low-income youth/adults
Makes it an unlawful practice for certain employers or employment agencies to: advertise they discriminate, or to discriminate against the unemployed. ($1000/day fine + court costs)
SUBSIDIES US Manufacturing subsidy, with an interesting caveat forcing slanted competition with international vendors.
Repeals some oil subsidization.
GRANTS Allocates Teacher/Police/Firefighter rehire funds, as well as some school construction
Some Air/Rail transit grants, for high speed rail, air traffic control etc.
Abandoned property redevelopment grants.
Establishes the American Infrastructure Financing Authority (AIFA) as a wholly-owned government corporation to make direct loans and loan guarantees to facilitate transportation, water, or energy infrastructure projects. Requires infrastructure projects assisted under this Act to have costs that are reasonably anticipated to equal or exceed $100 million ($25 million for rural infrastructure projects).
TAX/INVESTMENT CODES
Increases coverage for fraudulent small biz investment. Some tax exempt bonds are now also exempt from the AMT (Uh, wasn't the point of the AMT not to get bogged down with exemptions, subsidies and credits?)
Amends the Internal Revenue Code to set forth requirements relating to short-time compensation programs to allow employers to reduce the workweek of their employees in lieu of layoffs. Allows an increased work opportunity tax credit for long-term unemployed individuals
Amends the Internal Revenue Code to: (1) limit tax deductions and other tax exclusions for taxpayers whose adjusted gross income exceeds $200,000 ($250,000 for married taxpayers filing a joint return), (2) treat income received by a partner from an investment services partnership interest as ordinary income for income tax purposes, and (3) treat all general aviation aircraft (including corporate jets) as seven-year property for depreciation purposes.
Quote:
Denies the foreign tax credit for amounts paid or accrued by a dual capacity taxpayer to a foreign country or U.S. possession. Defines "dual capacity taxpayer" as a person who is subject to a levy of a foreign country or U.S. possession and who receives a specific economic benefit from such country or possession. Sets forth a special rule for the treatment of taxes paid on foreign oil and gas income for purposes of the foreign tax credit.
Fixes some personal tax evasion techniques. Doesn't touch corp ones.
MISC Handles reallocation costs for telecom differently, as well as allows the FCC to sell new spectrum permit classes, and collect fees on those, exempting public safety broadcasters. misc other telecom changes.
Quote:
Amends the Budget Control Act of 2011 to: (1) increase the deficit reduction target of the Joint Select Committee on Deficit Reduction from $1.5 trillion to $1.95 trillion, and (2) provide that the revenue enhancement provisions of this Act will not take effect if a Committee bill achieving greater than $1.65 trillion in deficit reduction is enacted by January 15, 2012.
Amends the Budget Control Act of 2011 to increase the Joint Select Committee on Deficit Reduction's targeted deficit reduction goal from $1.5 trillion to $1.95 trillion or more over FY2012-FY2021.
States that if a joint committee bill achieving an amount greater than $1.65 trillion in deficit reduction (as provided for in the Act) is enacted by January 15, 2012, then the amendments to the Internal Revenue Code made by subtitles A through E of title IV of this Act, shall not be in effect for any taxable year.
Tacks on more the budget commitee, but makes the poison pills not trigger if it doesn't fully cover this legislation
Edited, Sep 30th 2011 2:28pm by Timelordwho 
