House Ways and Means Committee Chairman Sander Levin (D-MI) and Senate Finance Committee Chairman Max Baucus (D-MT) will today (May 20, 2010) release legislative text of the American Jobs and Closing Tax Loopholes Act, legislation to provide critical tax cuts and support for American workers through the end of this year.

This act will extend expanded unemployment benefits for the long-term unemployed through the end of the year. The legislation also extends subsidies to unemployed workers that allow them to buy health insurance through the COBRA program.

In additon to extending unemployment compensation and access to COBRA benefits the provisions included in the legislation would:

• Provide tax relief to businesses and State and local governments to help them invest and create jobs;
• Provide important tax cuts to put money back in the pockets of working families;
• Help restore the flow of credit to enable small businesses to expand and hire new workers by extending small business loan programs;
• Expand career training programs for Americans who are looking for work; and other critical programs that families and communities depend on through December 31, 2010;
• Ensure that seniors, military service members and Americans with disabilities continue to have access to doctors they know and trust; and
• Close tax loopholes for wealthy investment fund managers and foreign operations of multi-national companies.

Summary of the American Jobs and Closing Tax Loopholes Act [PDF]