Wednesday, December 16, 2009

Tax Benefits of ARRA

President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA) in February 2009. Stay tuned for future posts over the next week regarding these topics:
  • Change in First-time Home Buyer Credit
  • "American Opportunity" tax credit replaces the Hope Credit
  • Increase in Earned Income Tax Credit
  • Increase in the Child Tax Credit
  • Sales Tax Deduction for vehicle purchases
  • Temporary suspension of taxation of unemployment benefits
  • Residential Energy Credits
In addition, ARRA includes:
  • Making Work Pay Tax Credit
  • One-time payment of $250 to Social Security Recipients, Veterans and Railroad Retirees.
  • One-time refundable tax credit of $250 to certain government retirees who are not eligible for Social Security benefits
  • Extension of AMT relief for 2009
  • Increased Transportation Subsidy
  • Health Coverage Tax Credit

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