Job Creation Act of 2010

Summary

Job Creation Act of 2010 - Amends the Internal Revenue Code to: (1) extend through 2010 the increased expensing allowance for depreciable business assets; (2) exclude from gross income in 2010 100% of the gain from the sale of small business stock; and (3) exclude from gross income in 2010 all unemployment compensation. Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require all amounts repaid under the Troubled Asset Relief Program (TARP) to reduce the program's purchase authority. Amends Rule 11 of the Federal Rules of Civil Procedure (sanctions for filing a frivolous lawsuit) to: (1) require courts to award reasonable expenses, including attorney's fees, to a prevailing party in a Rule 11 proceeding (currently discretionary); and (2) eliminate the 21-day period allowed for withdrawing or correcting a claim deemed frivolous. Requires state courts to apply Rule 11 to actions in state courts that substantially affect interstate commerce. Limits venue for personal injury claims filed in state or federal courts to the county or district: (1) in which the plaintiff or defendant resides; (2) where the plaintiff resided at the time of the alleged injury; or (3) the district in which the defendant's principal place of business is located. Imposes additional sanctions: (1) on attorneys who are found to violate Rule 11 three or more times; and (2) for willful and intentional destruction of documents relevant to a pending action in federal court. Establishes a rebuttable presumption of a Rule 11 violation if a plaintiff attempts to litigate a claim that has already been litigated and lost on the merits. Prohibits a court in a Rule 11 proceeding from ordering the nondisclosure of the record of the proceeding unless the court makes a specific finding of fact that justifies such an order.

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Timeline

1. 26 January 2010

   Introduced

   Referred to House Ways and Means

   Source: IntroReferral

2. 26 January 2010

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 26 January 2010

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 January 2010

   Introduced

   Introduced in House

   Source: IntroReferral

5. 27 January 2010

   Introduced

   Sponsor introductory remarks on measure. (CR H390-391)

   Source: IntroReferral

6. 15 June 2010

   Referred

   Referred to the Subcommittee on Courts and Competition Policy.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 January 2010 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 January 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 January 2010

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 January 2010

  Open at official source

Sponsors

• Vern Buchanan · R · Sponsor
• Leonard Lance · R · Cosponsor
• · hsju00 · Standing
• · hsba00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.