• Extension of Tax Relief and Health Care Act of 2006 (and prior to that, the American Jobs Creation Act of 2004) sales tax deduction - this act provides the option of deducting state and local general sales taxes instead of state and local income taxes when itemizing. The Bailout Bill extends this through 2009. This provision will have primary benefit to taxpayers living in states without an income tax.

• Extension of Housing Assistance Tax Act of 2008 real property deduction- this act provides a real property tax deduction for taxpayers that do not itemize. A real property deduction of up to $500 (single) or $1,000 (joint filing) is available. The Bailout Bill extends this deduction through 2009.
  

• Extension of Pension Protection Act of 2006 IRA distribution provision - this act amended rules regarding IRA distributions, allowing for up to a $100,000 tax-free distribution directly to a charity. The Bailout Bill extends this through 2009.

• Extension of a deduction for qualified tuition and related expenses - this deduction of up to $4,000, subject to income limits, for those itemizing or taking the standard deduction has been extended through 2009.

• Extension of a deduction for schoolteachers - this deduction of up to $250 for schoolteachers' out-of-pocket expenses has been extended through 2009.

For the full text of the "Bailout Bill", click here.