Tax Provisions in Reported Stimulus Compromise
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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