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In a large mixing bowl, beat butter with an electric mixer on medium to high speed for 30 seconds. Add granulated sugar, brown sugar, baking powder, cinnamon and salt. Beat until combined, scraping sides of bowl occasionally. Beat in egg, milk and vanilla until combined. Beat in as much of the flour as you can with the mixer. Using a wooden spoon, stir in any remaining flour. Divide dough in half. Cover and chill for about 2 hours or until easy to handle.
Meanwhile, in a small bowl, stir together jam (or preserves), almonds and almond extract. Cover and chill.
On a lightly floured surface, roll half of the dough at a time into a 12-by-8-inch rectangle. Spread half of the filling over each dough half, leaving a 1/2-inch border on both long edges. Roll the long edges toward each other in scroll fashion to meet in the middle. Lightly brush the seam where the spirals meet with water and gently press together. Wrap each roll in plastic wrap. Freeze for about 4 hours or until very firm.
Preheat oven to 350°F. Line a baking sheet with parchment paper. Use a thin-blade knife to cut rolls into 1/4-inch-thick slices. Place slices 2 inches apart on the prepared pan. Bake for about 10 minutes or until edges are firm and bottoms are light brown. Transfer to a wire rack and let cool. If desired, sprinkle with confectioners’ sugar.