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A Two-year Income Tax Reprieve 2011-02-01A Two-year Income Tax Reprieve 2011-02-01

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010,1 among other things, ended the nail-biting uncertainty about the estate tax thresholds for 2011. (For more information, see New Rates, New Exemptions, New Opportunities, in this issue, p. 20.) Signed into law on Dec. 17, 2010, this $858 billion tax legislation2 also gave taxpayers a two-year income tax reprieve by

Christopher R. Hoyt, Professor of Law

February 1, 2011

12 Min Read
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Christopher R. Hoyt

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010,1 among other things, ended the nail-biting uncertainty about the estate tax thresholds for 2011. (For more information, see “New Rates, New Exemptions, New Opportunities,” in this issue, p. 20.) Signed into law on Dec. 17, 2010, this $858 billion tax legislation2 also gave taxpayers a two-year income tax reprieve by extending into 2011 and 2012 the lower income tax rates and many of the other tax incentives that were enacted in 2001 and 2003 (the Bush tax cuts).3

Although taxpayers have temporary tax relief for the next two years, a sizeable tax hike is on the books for 2013. (See “Income Tax Rates,” p. 17.) Not only will the Bush tax c...

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About the Author

Christopher R. Hoyt

Professor of Law, University of Missouri

Christopher R. Hoyt, JD is a Professor of Law at the University of Missouri Kansas City School of Law where he teaches courses in the area of federal income taxation and business organizations.  Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri.  He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and is on the editorial board of Trusts and Estates magazine. He is an ACTEC fellow, has been designated by his peers as a “Best Lawyer”, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils.  He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times and The Washington Post