|
IRC Section |
Bill Section |
Brief Description |
|
|
|
Subtitle A: Tax Relief for Individuals and Families |
|
36A (new) |
1001 |
Making Work Pay Credit: 6.2 percent credit on earned income limited to $400 ($800 married filing jointly) in 2009 and 2010. Reduced by 2 percent of gross income above $75,000 ($150,000 married filing jointly).
Reduced by $250 payment to Social Security recipients or federal retiree credit, if applicable.
|
|
32(b)(3) |
1002 |
Increases earned income tax credit (EITC): Increases credit percentage from 40 percent to 45 percent for 3 or more children. Increases phase-out amount add-on for joint returns from $3000 to $5000. |
|
24(d) |
1003 |
Increases refundable portion of $1000 per child tax credit by reducing amount of earnings above which 15 percent of the credit can be refunded from $10,000 plus cost-of living adjustments ($8500 by special rule in 2008) to $3000 in 2009 and 2010. |
|
25A(i) |
1004 |
American Opportunity Tax Credit: Increases Hope Scholarship Credit to 100 percent of qualified tuition and related expenses up to $2000 (up from $1000) plus 25 percent up to $4000. Total credit of $2500. Increases gross income limit to $80,000 ($160,000 for joint return). Makes 30 percent of credit refundable (up to $750 out of $2500). |
|
529(e)(3)(A) |
1005 |
Computer technology and equipment qualify as qualified education expenses in 2009 and 2010. |
|
36(f)(4)(D) |
1006 |
Homebuyer credit increased from $7500 to $8000. Waives recapture of credit and limits 15-year recapture acceleration period to 36 months for purchases of residences after December 31, 2008, and before December 1, 2009. |
|
85(c) |
1007 |
Suspends income tax on first $2400 of unemployment compensation in 2009. |
|
164(a)(6)
63(c)(1)(E)
|
1008 |
Deduction for state and local sales and excise taxes on automobiles purchased in 2009 or 2010 (limited to tax on amount up to $49,500). Non-itemizers eligible. Phased out for taxpayers with gross income above $125,000 ($250,000 for joint returns). |
|
26(a)(2) |
1011 |
Extends AMT relief for nonrefundable personal credits through 2009.
|
|
55(d) |
1012 |
AMT relief for 2009. Increases exemption amounts from $69,950 (married joint return), $46,200 (single) to $70,950 (married joint return), $46,700 (single). |
|
|
|
Subtitle B: Energy Incentives |
|
45(d)
48(a)
|
1101
1102
1103
1104
|
Extends renewable energy production tax credit through 2012. Temporary election to take new 30 percent investment tax credit in lieu of production tax credit through 2012 or 2013. Grants for specified energy property in lieu of credits. |
|
25C |
1121 |
Increases credit from 10 percent to 30 percent for nonbusiness energy property. |
|
25D |
1122 |
Removes dollar amount limits on existing 30 percent credit for residential solar thermal, geothermal, and wind property. |
|
30D
30B
|
1141
1142
1143
1144
|
Extends $7500 credit for plug-in electric drive vehicles. Phased out beginning after December 31, 2009 after 200,000 vehicles sold per manufacturer. Credit allowed against AMT. $2500 credit for low-speed or 3-wheel vehicles; 10 percent credit up to $4000 for cost of converting to plug-in vehicle. |
|
132(f)(2) |
1151 |
Equalizes parking and transit benefits at $230 per month for 2009 indexed for 2010. Transit benefit was limited to $120 per month in 2008.
|
|
|
|
Subtitle C: Business Incentives |
|
168(k)(2) |
1201 |
Extends 50 percent (or 30 percent) bonus depreciation through 2009. |
|
179(b)(7) |
1202 |
Extends temporary increase of limitations on expensing of depreciable assets ($250,000 reduced by amount in excess of $800,000) through 2009. |
|
172(b)(1)(H) |
1211 |
5-year carryback of Net Operating Losses (NOLs) (up from 2 years) for losses in 2008. Limited to companies with less than $15 million in revenue. |
|
6654(d) |
1212 |
Decrease in estimated payments for taxpayers under $500,000 with at least 50 percent from small business from 100 to 90 percent of preceding year amount. |
|
51(d)(14) |
1221 |
Work Opportunity Credit allowed for unemployed veterans and disconnected youth (age 16-25) hired in 2009 or 2010. |
|
108(i) |
1231 |
Delayed recognition of CODI income on business debt repurchase over 5 years beginning in 2014. |
|
163(e)(5) |
1232 |
Temporary suspension of original issue discount for certain high-yield obligations in 2009. |
|
1202(a)(3) |
1241 |
75 percent (increased from 50 percent) exclusion of capital gain on small business stock held 5 years on sale before January 1, 2011.
|
|
1374(d)(7) |
1251 |
Shortens S corporation gain recognition period after conversion from 10 years to 7 years in 2009-2010. |
|
382(m) |
1261 |
Clarifies regulations relating to limitations on NOL carryforwards for built-in losses on ownership change. Notice 2008-83 to have no force and effect after January 16, 2009. |
|
382(n) |
1262 |
Exception to NOL limitations for "certain ownership changes" (reportedly benefits General Motors).
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