Tax Provisions in Reported Stimulus Compromise

February 11, 2009

The reported stimulus compromise includes the following tax provisions:

Making Work Pay Credit: $400 for singles (phased-out at $75,000) and $800 for couples (phased-out at $150,000).

AMT Patch for 2009

Tax deduction for sales tax on new car purchases

Repayment requirement for Homebuyer Credit eliminated on homes purchased from Jan. 1 to Aug. 31

College tax credit for up to $2,500 (partially refundable)

Expansion of EITC

Partial exclusion from AGI for unemployment compensation benefits

Extension of certain bonus depreciation provisions

More analysis to come…

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