Tax Relief and Health Care Act of 2006

Tax Relief and Health Care Act of 2006 - Division A: Extension and Expansion of Certain Tax Relief Provisions, and Other Tax Provisions - Title I: Extension and Modification of Certain Provisions - (Sec. 101) Extends through 2007: (1) the tax deduction for qualified tuition and related expenses; (2) the election to deduct state and local general sales taxes in lieu of income taxes; (3) the election to include combat zone compensation as earned income for purposes of the earned income tax credit; (4) the tax deduction for certain expenses of elementary and secondary school teachers; (5) the expensing of environmental remediation costs (including for cleanup of petroleum products); (6) certain tax incentives for investment in the District of Columbia; (7) the Indian employment tax credit and accelerated depreciation for business property on Indian reservations; (8) accelerated depreciation (i.e., 15-year straight-line cost recovery) of qualified leasehold improvements and restaurant property; (9) parity rules for mental health benefits under group health benefit plans; (10) the tax deduction for donations by corporations of scientific property used for research and of computer technology and equipment; (11) the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal oil wells; and (12) the authority for certain Internal Revenue Service (IRS) undercover investigations.

(Sec. 102) Extends the $3.5 billion equity investment limit for the new markets tax credit through 2008. Requires the Secretary of the Treasury to issue regulations to ensure that non-metropolitan counties receive a proportional allocation of qualified equity investments under the tax credit.

(Sec. 104) Extends through 2007 the tax credit for increasing research activities. Increases the rate of the alternative incremental tax credit for research activities. Allows an election for an alternative simplified tax credit for research expenses.

(Sec. 105) Modifies the work opportunity and welfare-to-work tax credits to: (1) consolidate the credits into one tax credit and extend such consolidated credit through 2007: (2) allow ex-felons to qualify for the consolidated credit without regard to family income; (3) increase the maximum age for eligibility of food stamp recipients under the credit from 25 to 40; (4) extend filing deadlines for the credit; and (5) increase the credit amount for the employment of certain long-term family assistance recipients.

The summary continues for 207 more paragraphs. Read it in full on Congress.gov

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on December 20, 2006. It describes the bill, it is not the legal text.

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