House tax bill highlights

April 21, 2009 at 1:47AM

• Creates a new top tax rate of 9 percent for income above $300,000 for couples and $169,700 for singles

* Replaces the home mortgage deduction with a limited tax credit capped at $420 and eliminates state deductibility of property taxes

• Raises cigarettes by 54 cents a pack

• Raises alcohol tax by 3 to 5 cents per drink

• Replaces deductions for child care and education with a child credit capped at $200 per child

• Eliminates tax breaks for long-term care, organ donation and certain farm income

• Repeals certain foreign business tax breaks

• Taxes digital music downloads

• Allows counties to raise their sales taxes

• Eliminates some tax breaks for JOBZ, the Job Opportunity Building Zones program

Source: House Taxes Committee

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