American Recovery and Reinvestment Act of 2009

American Recovery and Reinvestment Act of 2009 - American Recovery and Reinvestment Tax Act of 2009 - Amends the Internal Revenue Code to: (1) allow individual taxpayers a refundable tax credit through 2010 for the lesser of 6.2% of earned income or $500; (2) increase in 2009 or 2010 the earned income tax credit, the refundable portion of the child tax credit, and the Hope scholarship tax credit; (3) allow payment of purchases of computer technology or equipment from qualified tuition plans in 2009 or 2010; (4) extend until September 1, 2009, the first-time home buyer tax credit and waive repayment of credit amounts; (5) exclude from gross income in 2009 the first $2,400 of unemployment compensation; (6) extend through 2009 exemptions from the alternative minimum tax; (7) extend for three years the tax credit for production of electricity from renewable resources; (8) increase allocations of new clean renewable energy and qualified energy conservation bonds; (9) modify and extend the tax credits for nonbusiness energy property and residential energy efficient property; (10) increase and extend through 2010 the tax credit for alternative fuel vehicle refueling property; (11) allow an increased research tax credit in 2009 or 2010 for energy research expenditures; (12) allow a five-year carryback of general business tax credits and a 100% offset of such credits against income tax liabilities; (13) expand the alternative motor vehicle tax credit for the purchase of plug-in electric drive motor vehicles; (14) extend through 2009 bonus depreciation provisions and the increased expensing allowance for depreciable business assets; (15) allow a five-year carryback period for net operating losses, including operating losses of insurance companies, incurred in 2009 or 2010; (16) allow a work opportunity tax credit for the hiring of disconnected youth (certain youth who are not regularly employed or attending school) and certain unemployed veterans in 2009 or 2010; (17) allow the deferral of the recognition of income from the discharge of indebtedness in connection with the repurchase of a debt instrument after 2008 and before 2011; (18) increase the tax exclusion of gain for certain small business stock acquired in 2009 or 2010; (19) allow an investment tax credit for broadband expenditures in rural and underserved areas; and (20) expand tax-exempt bond financing in 2009 or 2010 to include facilities for manufacturing intangible property.

The summary continues for 43 more paragraphs. Read it in full on Congress.gov

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on January 29, 2009. It describes the bill, it is not the legal text.

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