The document summarizes key provisions of the American Recovery and Reinvestment Act of 2009 (ARRA), including:
- The "Making Work Pay" tax credit that increased take-home pay for most Americans through changes to tax withholding tables.
- The first-time homebuyer tax credit for home purchases between 4/8/2008 and 12/1/2009.
- The automobile sales tax deduction for vehicle purchases between 2/16/2009 and 1/1/2010.
- Expansions to the education tax credits and unemployment tax exemptions.
- Bonus depreciation and Section 179 expensing for businesses.
The American Recovery And Reinvestment Act Of 2009
1. The American Recovery and Reinvestment Act of 2009 (ARRA) 5/29/09 CPE Summary By Michelle Hughes 6/2009 Braver, PC
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22. Keep in mind that Dependency rules were changed to accommodate different types of living situations. Dependency, EIC, Head of Household rules are worth a second look.
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