Archive - February 8, 2009

2009 Stimulus Bill – Tax benefits

2009 Stimulus Bill – Tax benefits

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
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