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)