The American Recovery and Reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009: Information Center Información en EspañolInformation for IndividualsCan you benefit from Recovery Act tax credits? Try the White HouseTax Savings Tool to find out. Many of the Recovery Act provisions are geared toward individuals:Homebuyer Credit.Homebuyers who purchase by April 30, 2010, and settle by June 30, 2010, may be eligible for a credit of up to $8,000. Documentation requirements apply. See thefirst-time homebuyer page for more.COBRA.Workers who lose their jobs between Sept. 1, 2008, and May 31, 2010, may qualify forreduced COBRA health insurance premiumsfor up to 15 months.Education benefits.The American opportunity creditand enhanced benefits for529 college savings planshelp families and studentsfind ways to pay higher education expenses.Home energy efficiency and renewable energy incentives.Seewhat you can doto reap tax rewards.Earned Income Tax Credit.The EITCis bigger in  2009 and 2010.Additional child tax credit. More families will qualify for the ACTC in 2009 and 2010.Making Work Pay Tax Credit. This credit means more take-home pay for many Americans in 2009 and 2010. Make sure enough tax is withheld from your pay with the help of theIRS withholding calculator. SeeMaking Work Payfor more.$250 for Social Security Recipients, Veterans and Railroad Retirees.TheEconomic Recovery Paymentwas paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board in 2009. To verify whether you received it, call 1-866-234-2942 and select Option 1 or visit Did I Receive a 2009 Economic Recovery Payment? on this website.Money Back for New Vehicles.Taxpayers who bought new cars and certain other new vehicles in 2009 candeduct the state and local sales taxesthey paid as well as other taxes and fees they paid instates with no sales tax.Increased Transportation Subsidy.Employer-providedbenefits for transit and parking rose in 2009.Up to $2,400 in Unemployment Benefits Tax Free in 2009.Individuals shouldcheck their tax withholding.Health Coverage Tax Credit.Thiscreditincreased from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.Information for BusinessesThe following Recovery Act provisions affect businesses:Making Work Pay Tax Credit. The 2010 withholding rates, contained inNotice 1036, reflect reduced withholding. An optional withholding procedure is available for pension plan administrators.Work Opportunity Tax Credit. Thisexpanded creditadds returning veterans and "disconnected youth" to the list of new hires that businesses may claim.COBRA: Health Insurance Continuation Subsidy.The IRS hasextensive guidance for employers, including an updated Form 941.Energy Efficiency and Renewable Energy Incentives. Seewhat businesses can doto reap tax rewards.Net Operating Loss Carryback.Small businesses can offset losses by getting refunds on taxes paid up to five years ago. Find information oncarrybacks, an expanded section 179 deduction and other business-related provisions. The Worker, Homeownership And Business Assistance Act Of 2009 (WHBAA)expanded the five-year NOL carrybackto most businesses.Municipal Bond Programs.New ways to financeschool construction, energy and other public projects .  ~