This just in -
Senate Finance Committee Chairman Max Baucus (D-Mont.) has unveiled the Senate version of the tax provisions for inclusion in the American Recovery and Reinvestment Act of 2009.
They include –
· Making Work Pay Credit: an individual tax credit in the amount of 6.2 % of earned income not to exceed $500 for single returns and $1,000 for joint returns in 2009 and 2010.
· Seniors, Disabled Veterans and SSI: a one-time payment of $300 to Social Security beneficiaries and SSI recipients receiving benefits from the Social Security Administration and Railroad Retirement beneficiaries.
· Temporary Suspension of Taxation of Unemployment Benefits: federal income tax temporarily suspended on the first $2,400 of unemployment benefits per recipient.
· Expansion of the Earned Income Tax Credit: an increased credit for three or more children and additional marriage penalty relief for married couples.
· Expansion of the Refundable Child Tax Credit: increased eligibility for the refundable child tax credit in 2009 and 2010 by lowering the threshold to $6,000.
· American Opportunity Tax Credit: a $2,500 higher education tax credit that is available for the first four years of college
· Computers as qualified education expenses in 529 Education Plans: computers and computer technology to qualify as qualified education expenses
· Homeownership Tax Credit: modifies the $7,500 tax credit for home purchases that occur after 2008 and before July 1, 2009.
Hey – where’s the dreaded AMT fix?
I will provide more information as it becomes available.
Senate Finance Committee Chairman Max Baucus (D-Mont.) has unveiled the Senate version of the tax provisions for inclusion in the American Recovery and Reinvestment Act of 2009.
They include –
· Making Work Pay Credit: an individual tax credit in the amount of 6.2 % of earned income not to exceed $500 for single returns and $1,000 for joint returns in 2009 and 2010.
· Seniors, Disabled Veterans and SSI: a one-time payment of $300 to Social Security beneficiaries and SSI recipients receiving benefits from the Social Security Administration and Railroad Retirement beneficiaries.
· Temporary Suspension of Taxation of Unemployment Benefits: federal income tax temporarily suspended on the first $2,400 of unemployment benefits per recipient.
· Expansion of the Earned Income Tax Credit: an increased credit for three or more children and additional marriage penalty relief for married couples.
· Expansion of the Refundable Child Tax Credit: increased eligibility for the refundable child tax credit in 2009 and 2010 by lowering the threshold to $6,000.
· American Opportunity Tax Credit: a $2,500 higher education tax credit that is available for the first four years of college
· Computers as qualified education expenses in 529 Education Plans: computers and computer technology to qualify as qualified education expenses
· Homeownership Tax Credit: modifies the $7,500 tax credit for home purchases that occur after 2008 and before July 1, 2009.
Hey – where’s the dreaded AMT fix?
I will provide more information as it becomes available.
2 comments:
Robert-
I think somebody is reposting your info. Check out this site. http://thetaxforum.org/?p=1466
I just got this ping and I'm almost positive this was your post from a few weeks ago? Just wanted to make you aware.
Jeff-
Thanks for the info! I checked out the page.
I don't mind being "reposted" as long as I get full authorship credit up front and mention that "This post is from THE WANDERING TAX PRO" with a direct link to the current post. My name or blog was not mentioned anywhere on the page, although there was a link to the original post at the bottom.
There was no contact email address or "about" information on the site, so I left a comment asking, "What's the Story?".
Thanks again.
TWTP
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