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The 2009 Stimulus Bill
On Friday February 13th, Congress passed a $787 billion compromise stimulus bill and sent it to President Obama for signature. President Obama signed the bill into law on Tuesday February 17th.
How does the stimulus bill impact home buyers and home owners?
Tax Credit
The bill includes an $8000 tax credit for first time home buyers. This is a true tax credit for the purchase of a principal residence between January 1 and December 1, 2009. It is only recaptured if the home is sold within three years. This is a great opportunity for anyone contemplating buying a home for the first time. First time buyers click here for additional information about opportunities in the area.
Save Energy
Enhancements to the Section 25C program for energy-efficiency remodeling improvements to existing homes including tax credits to cover 30% of the costs of energy-efficient windows, furnaces and air conditioners up to a total cost of $1500. ).
Other Provisions That May Benefit You
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Middle and upper income taxpayers will again be spared from paying the Alternative Minimum Tax (AMT)
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College students, or their parents, may be eligible for a tax credit up to $2500 to help pay for tuition and related expenses in 2009 and 2010. In addition, the maximum for the Pell Grant for low income students will increase from $4731 to $5350 starting on July 1, 2009 and increase to a maximum of $5550 in the 2010-2011.
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Computer expense will now be an allowable expense for a 529 savings plan.
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Unemployment benefits will not be subject to federal income taxes in 2009 on the first $2400 of benefits received.
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The federal government will pay for 65% of the total cost of health insurance premiums under the COBRA program for workers who lose their health insurance when they lose their job. COBRA benefits are available for 18 months to those covered by group plans at companies employing at least 20 people. This subsidy will be offered to those who lost their jobs from September 1, 2008 to the end of 2009. If you lost your job after September 1, 2008 and did not elect to have COBRA coverage at that time it's not to late. You will now have 60 days to sign up.
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You may see your paycheck go up by as much as $13 per week starting in June from a new $400 ($800 for a couple) tax credit to be distributed through out the rest of the year. In 2010, the credit will be about $7.70 a week if it is spread out through the entire year.
Click here for a complete summary of the Bill
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