CCH has published a summary of the 2009 Stimulus bill that President Obama is scheduled to sign Tuesday, February 17th. Significant items include:
Making Work Pay: For 2009 and 2010, $400 per person tax credit for AGI under $75,000; phased out to $95,000 (double everything for married filing jointly).
One-time $250 payment to Social Security and other fixed income recipients.
AMT patch for 2009: increase AMT exemption amount from 2008 levels by $500 per person or $1,000 per couple. (Comment: this should have been separate legislation and didn’t need to be part of the Stimulus bill)
First-time home buyer tax credit: If you never owned a home in the last three years and your AGI is under $75,000/$150,000 (phaseout to $95,000/$170,000), and you buy a primary residence between Jan. 1 and Nov. 30, 2009, you get an $8,000 refundable tax credit, which does NOT have to be repaid if you hold the home for three years.
Expanded HOPE credit for education and renamed to American Opportunity Tax Credit.
For more details, please read the CCH summary. Hat tip to TFB for the summary and link to CCH