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Budget Effects of ARRA, Obama Stimulus

Budget Effects of ARRA, Obama Stimulus

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Published by Patricia Dillon
Congress: nonpartisan analysis by Joint Committee on Taxation
x-19-09
Congress: nonpartisan analysis by Joint Committee on Taxation
x-19-09

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Published by: Patricia Dillon on Sep 21, 2010
Copyright:Attribution Non-commercial

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09/21/2010

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JOINT COMMITTEE ON TAXATIONFebruary 12, 2009JCX-19-09ProvisionEffective200920102011201220132014201520162017201820192009-132009-142009-182009-19Title I - Tax ProvisionsA.Tax Relief for Individuals and Families
1.Making Work Pay Credit - credit of 6.2% of earned income up to a maximum of $400single ($800 joint) for tax years 2009 and2010; phaseout for taxpayers with modifiedAGI in excess of $75,000 ($150,000 joint); andtreatment of the U.S. Possessions [2] [3]..................tyba 12/31/08-19,900-66,133-30,166-------------------------116,199-116,199-116,199-116,1992.Temporary increase in earned income tax creditfor taxable years 2009 and 2010 [3]..........................tyba 12/31/08-23-2,349-2,291-------------------------4,663-4,663-4,663-4,6633.Temporarily reduce the earnings threshold forthe refundable portion of the child tax credit fortaxable years 2009 and 2010 to $3,000 [3]...............tyba 12/31/08[4]-7,489-7,342-------------------------14,830-14,830-14,830-14,8304.American Opportunity Tax Credit - amend theHOPE scholarship credit for taxable years 2009and 2010 so that it is available for four years ata rate of 100% of first $2,000 of expenses and25% of next $2,000; phaseout for taxpayerswith modified AGI between $80,000 - $90,000($160,000- $180,000 joint); make textbooks aqualifying expense; allow against the AMT [5]........tyba 12/31/08-791-4,425-5,040-------------------------10,256-10,256-10,256-10,2565.Make 40% of the allowable AmericanOpportunity Tax Credit refundable; and treatmentof the U.S. Possessions [3] [5] .................................tyba 12/31/08-331-1,725-1,595-------------------------3,651-3,651-3,651-3,6516.Temporarily allow computer technology andequipment as a qualified higher educationexpense for qualified tuition programs for 2009and 2010....................................................................epoia 12/31/08[4][4][4]-1-1-1-1-1-1-1-1-1-1-3-6
ESTIMATED BUDGET EFFECTS OF THE REVENUE PROVISIONS CONTAINED IN THE CONFERENCE AGREEMENT FOR H.R. 1,Fiscal Years 2009 - 2019
[Millions of Dollars]
THE "AMERICAN RECOVERY AND REINVESTMENT TAX ACT OF 2009" [1]

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