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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