The American Recovery and Reinvestment Act of 2009 was signed into law on February 17, 2009, and contains the following provisions:
New economic recovery payments designed to give taxpayers cash benefits during 2009 to help stimulate the economy. A new Making Work Pay tax credit designed to give working families up to $400 ($800 MFJ) when filing their 2009 tax return. New withholding tables designed to increase an employee's take-home pay during 2009 as a result of the new Making Work Pay credit. An increase in the Earned Income Credit for families with 3 or more qualifying children. An increase in the refundable portion of the Child Tax Credit. A new and improved Hope Scholarship Credit renamed the American Opportunity Education Tax Credit. A new provision to allow students to treat the purchase of computers as qualified education expenses under Section 529 plans. An extension of the First-Time Home Buyer Credit and the elimination of the recapture rules for homes that are held more than 3 years. A new sales tax deduction for non-itemizers who purchase a vehicle. A new exclusion for unemployment benefits received. AMT relief for 26 million families. An extension of the Special Depreciation Allowance. An extension of the increased Section 179 deduction limits. Net Operating Loss provisions affecting 2008 tax year NOLs. The ability for certain businesses to spread cancellation of debt income over 10 years. New targeted groups for the Work Opportunity Tax Credit. New Section 1202 small business stock rules. New safe harbor rules for estimated tax payments. New S corporation built-in gains tax rules. Extension and new provisions for the various energy tax credits. New provision affecting transportation fringe benefits. New COBRA continuation coverage rules. and more…
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