Key elements of Senate tax relief package

By The Associated Press – 6 hours ago

Key components and costs of the Senate tax relief package. Cost estimates are spread over 10 years:

Energy incentives

_Extends for one or two years and expands production tax credits for wind, refined coal, biomass and marine renewables. $5.8 billion.

_Extends through 2016 the investment tax credit for solar energy. $1.9 billion.

_Extends through 2016 the credit for residential solar property. $1.3 billion.

_Provides new tax credits for creation of advanced coal electricity projects and certain coal gasification projects. $1.4 billion.

_Establishes a new credit for plug-in electric drive vehicles. $758 million.

_Extends credit for energy-efficient improvements to existing homes. $837 million.

Alternative Minimum Tax

_Increases personal credits against the AMT, shielding more than 20 million taxpayers from the tax. $61.8 billion.

_Protects those exposed to the AMT because of incentive stock options. $2.3 billion.

Individual and business tax credits

_Extends until end of 2009 the research and development credit. $19 billion.

_Extends until end of 2009 the deduction for state and local general sales taxes. $3.3 billion.

_Extends until end of 2009 a tax deduction for higher education costs. $5.3 billion.

_Extends until end of 2009 a deduction for a teacher's personal expenses. $410 million.

_Lowers the refundable threshold for the child tax credit for the 2008 tax year. $3.1 billion.

Other

_Requires private insurance plans that offer mental health benefits to offer such benefits on a part with medical-surgical benefits. $3.9 billion.

_Provides tax relief to victims of natural disasters in Midwest and elsewhere. $8.3 billion.