The deepest recession in recent memory has led Congress and the new Administration to put in place a comprehensive economic stimulus plan. Part of that plan is the American Recovery and Reinvestment Tax Act of 2009 (the “2009 Act”), which provides a measure of federal tax relief to most individuals and businesses. The new law will put dollars into the hands of taxpayers — dollars that our lawmakers hope will be spent in ways to stimulate the economy and create jobs.
This booklet summarizes the major provisions of the 2009 Act. Many of the new rules are complicated, and most are temporary. We urge you to seek professional assistance before acting on anything you read in this summary. The new law presents important planning opportunities for many taxpayers, and a professional can help you best take advantage of them.
Copyright © 2009 by NPI