American Recovery and Reinvestment Act of 2009 Passed by Congress February 14, 2009 Signed by Presiden Obama 2-17-2009

Stimulus Bill

The much-anticipated economic stimulus package has won approval in the House and Senate. The House voted 246 to 183 and the package passed the Senate by a vote of 60-38. President Obama signed the bill on 2-17-2009. The new law, which contains nearly $300 billion in tax relief and significant changes to the Internal Revenue Code, sets in motion a wave of direct spending and tax incentives to jump start the U.S. economy out of recession.

Highlights of the American Recovery and Reinvestment Act of 2009 include:

==> New Making Work Pay Credit
==> Enhanced Child Tax Credit
==> American Opportunity Tax Credit for Education
==> Expanded Homebuyer Tax Credit
==> Extended Bonus Depreciation and Code Sec. 179 Expensing
==> Five-Year Carryback of NOLs
==> New Car Purchase Deduction
==> Extensions/Increases of Many Energy Tax Incentives
==> Recovery Zone Bonds and Related Relief

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