2009 Tax Changes
“It’s just as important to get it done right as it is to get it done quickly.”
BRUCE JUSTINExecutive Vice President,U.S. Chamber of Commerce
On February 17, 2009, President Obama signed into law H.R. 1, the American Recovery and Reinvestment Act of 2009 (ARRA). The nearly $800 billion plan seeks to stimulate the economy and address the current financial challenges we face through a combination of $326 billion in tax relief, aid to states and municipalities, and direct federal spending. ARRA includes a wide variety of tax relief provisions for businesses, low- and moderate-income individuals, and families. These are discussed below.
201 “Making Work Pay” Tax Credit
This provision of the American Recovery and Reinvestment ...