Energy Efficiency�and Renewable Energy�Incentives:�Includes tax credits for installation of energy-efficient windows, doors and heating and cooling equipment,�and contains a broader listing of energy-related provisions,�including residential�credits, plug-in vehicle credits, energy bonds and more.
Payroll Checks Increase This Spring. The Making Work Pay Tax Credit will mean $400 to $800 for many Americans. The IRS has issued new withholding tables for employers.�
First-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement, read on:
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000�for purchases made in 2009 before Dec. 1.
NOTE: For homes purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within�a three-year period�following the purchase.
Money Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid.
Enhanced Credits for Tax Years 2009, 2010. Details�on the earned income tax credit, additional child tax credit and American Opportunity Credit, a new higher education benefit.
Increased Transportation Subsidy. are up in 2009.
Up to $2,400 in Unemployment Benefits Tax Free in 2009.�
Net Operating Loss Carryback. Small businesses can offset losses by getting refunds on taxes paid up to five years ago. Information on the carryback, an expanded section 179 deduction and other business-related provisions is now available.
COBRA: Health Insurance Continuation Subsidy.�
$250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment will be paid by the Social Security Administration, Department of Veterans Affairs�and the Railroad Retirement Board.
Health Coverage Tax Credit. Credit increases from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.
I will post more information on�these and other provisions of the�recovery program,�as�it becomes available.