Preliminary Analysis of Pending Tax Stimulus Bill


Via: CCH

In the face of a declining economy, increasing unemployment and dismal retail sales reports, the new White House administration and Congress have set their sights on bolstering the economy through a mix of government spending and tax breaks. The massive economic recovery package took its first steps to passage on January 22, when the House Ways & Means approved a $275 billion tax package. The American Recovery and Reinvestment Act of 2009 includes:

·         a refundable tax credit of up to $500 for working individuals and $1000 for working families;

·         a five-year carryback of net operating losses;

·         a new “American Opportunity” education tax credit;

·         extends the 2008 bonus depreciation and increased sec. 179 expensing; 

·         energy incentives; and 

  • state and local government relief. 

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