01/20/2010 03:32:27 PM EST
Worker, Homeownership, and Business Assistance Act of 2009 (Pub Law No 111-92)
This article discusses the tax provisions of the Worker, Homeownership, and Business Assistance Act of 2009 (Pub Law No 111-92), which was signed by President Barrack H. Obama on November 6, 2009. Although a key focal point of the legislation was extending emergency unemployment benefits, several tax provisions were amended as well. The extension in unemployment benefits is funded by an 18-month extension of the 0.2 percent FUTA surcharge. Another notable change allows most taxpayers to carry back 2008 or 2009 net operating losses for up to 5 years.
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