Stimulus Acts

2009 Proposed Stimulus Package **

Tax Cuts	$282 billion in total tax cuts
"Making work pay" tax credit	Individuals receive $400, families $800 in 2009 and 2010. This will be in your paycheck beginning April 1, 2009. Most can expect an additional dollar amount of around $18 per week.
Alternative Minimum Tax Fix	$70 billion for a tax break to protect 24 million families from higher AMT
Social Security	One time $250 payment to SS, Supplemental Security and Veterans Pension and disability recipients
Home Buyer Tax Credit	A new $8,000 tax credit for buyers of new and existing homes. Credit does not need to be paid back.
New car sales tax deduction	Allows deduction of sales tax paid on new car purchases
Transportation Infrastructure	$50 billion for highways, bridges, mass transit, high speed rail and airports
Education, other aid to States	$54 billion in aid for states. $10 billion to modernize schools
Energy Assistance	Approx $50 billion. Includes $11 billion for electricity grid, $5 billion to insulate homes and $5 billion to fix federal buildings
Broadband Internet Service	$7 billion to expand Broadband internet service, especially to rural areas.

Passed in February:

Economic Stimulus Act of 2008

Provided rebates to stimulate the economy ($1,200 per couple/$600 per individual). Don't remember what you received? Click here to find out.

The stimulus bill also included help for troubled mortgage holders and business incentives

Passed in May:

Food, Conservation and Energy Act of 2008 or the Farm Act

Provided benefits for the Farmer, Rancher and Timber producers

Raised revenue for the large Corporation

Heroes Earnings Assistance and Relief Tax Act Bill, also known as The Military Tax Relief Bill

Assisted military personnel receiving combat pay, saving for retirement and purchasing homes

Tightened rules for Government contractors

Passed in July:

Housing and Economic Recovery Act of 2008

Provided incentives for homeowners and affordable housing

Passed in October:

Emergency Economic Stabilization Act of 2008

Rescue the financial markets

Addressed a number of tax issues

Patched the Alternative Minimum Tax

Extended a number of tax provisions that would have normally expired

New energy incentive provision was added

Passed in November 2009:

Extended the First-Time Homeowner Credit

Authorized a credit for long time homeowners if purchasing a replacement home

Raised the income limitation levels for homeowners claiming the credit

Extended additional benefits to Military and Certain other Federal Employees