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American Recovery and Reinvestment Act of 2009 -- An Analysis (PDF)

American Recovery and Reinvestment Act of 2009 -- An Analysis (PDF)

Must have research tool for any legal or accounting professional who advises clients on individual, corporate, manufacturing, or renewable energy tax issues


Availability: In Stock
Publisher :LexisNexis Emerging Issues Analysis
Format: 188 Pages , PDF

ISBN: 9781422429983

2009
 
$57.00



    The LexisNexis comprehensive and easy to understand analysis of the tax provisions contained in the American Recovery and Reinvestment Act of 2009 (the "Act") is a must have research tool for any legal or accounting professional who advises clients on individual, corporate, manufacturing, or renewable energy tax issues.

    This title begins with a handy conversion table which allows readers to quickly ascertain whether a particular section of the Internal Revenue Code has been amended by the Act and, if so, by which section(s) of the Act. The heart of the publication is its in-depth analysis of the Act prepared by author Gerald W. Paulukonis, Esq., a federal tax expert in Seattle, WA, with assistance from the editorial tax staff of LexisNexis Matthew Bender.

    I. TABLES OF INTERNAL REVENUE CODE SECTIONS AFFECTED
    BY THE ACT - 8
    II. ANALYSIS OF THE ACT -18
    (1) TAX RELIEF FOR INDIVIDUALS AND FAMILIES -18
    A. New Making Work Pay Credit Enacted - 18
    B. Temporary Increase in Earned Income Tax Credit - 20
    C. Temporary Increase of Refundable Portion of Child Credit - 20
    D. American Opportunity Tax Credit - 21
    E. Computer Technology and Equipment Temporarily Allowed as Qualified
    Higher Education Expense under IRC Section 529 - 23
    F. Modifications to First-Time Homebuyer Credit - 24
    G. Suspension of Tax on Portion of Unemployment Compensation - 26
    H. Additional Deduction for State Sales and Excise Taxes on Motor Vehicle Purchases - 26
    (2) ALTERNATIVE MINIMUM TAX RELIEF - 27
    A. Extension of AMT Relief for Nonrefundable Personal Credits - 27
    B. Extension of Increased AMT Exemption Amount -28
    (3) RENEWABLE ENERGY INCENTIVES - 29
    A. Extension of Credit for Electricity Produced from Certain Renewable
    Resources - 29
    B. Election of Investment Credit in Lieu of Production Credit - 30
    C. Repeal of Certain Limitations on Credit for Renewable Energy Property - 31
    D. Coordination of Credits with Renewable Energy Grants - 33
    A. Increased Limitation on Issuance of New Clean Renewable Energy Bonds - 33
    B. Increased Limitation on Issuance of Qualified Energy Conservation Bonds - 33
    (5) ENERGY CONSERVATION INCENTIVES - 34
    A. Extension and Modification of Credit for Nonbusiness Energy Property - 36
    C. Temporary Increase in Credit for Alternative Fuel Vehicle Refueling Property - 36

    (6) MODIFICATION OF CREDIT FOR CARBON DIOXIDE SEQUESTRATION - 37
    A. Sequestration Requirements for Carbon Dioxide Used as a Tertiary Injectant - 37
    (7) PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES - 38
    A. Credit for New Qualified Plug-In Electric Drive Motor Vehicles - 38
    B. Credit for Certain Plug-In Electric Vehicles - 40
    C. Plug-In Conversion Credit - 41
    D. Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed Against AMT - 41
    (8) PARITY FOR TRANSPORTATION FRINGE BENEFITS - 42
    A. Increased Exclusion Amount for Commuter Transit Benefits and Transit Passes - 42
    (9) TEMPORARY INVESTMENT INCENTIVES FOR BUSINESSES - 43
    A. Special Allowance for Certain Property Acquired During 2009 - 43
    B. Temporary Increase in Limitations on Expensing of Certain Depreciable Business Assets - 45
    (10) SMALL BUSINESS PROVISIONS - 46
    A. 5-Year Carryback of Operating Losses of Small Businesses - 46
    B. Decreased Required Estimated Tax Payments in 2009 for Certain Small Businesses - 47
    (11) INCENTIVES FOR NEW JOBS - 48
    A. Incentives to Hire Unemployed Veterans and Disconnected Youth - 48
    (12) RULES RELATING TO DEBT INSTRUMENTS - 49
    A. Deferral and Ratable Inclusion of Income Arising from Business Indebtedness Discharged by the Reacquisition of a Debt Instrument - 49
    B. Modifications of Rules for Original Issue Discount on Certain High Yield Obligations - 53
    (13) QUALIFIED SMALL BUSINESS STOCK - 55
    A. Temporary Rules for Qualified Small Business Stock - 55
    (14) S CORPORATIONS -56
    A. Temporary Reduction in Recognition Period for Built-In Gains Tax - 56
    (15) RULES RELATING TO OWNERSHIP CHANGES - 56
    A. Clarification of Regulations Related to Limitations on Certain Built-In Losses Following an Ownership Change - 56
    B. Treatment of Certain Ownership Changes for Purposes of Limitations on Net Operating Loss Carryforwards and Certain Built-In Losses - 58

    (16) MANUFACTURING RECOVERY PROVISIONS - 59
    A. Temporary Expansion of Availability of Industrial Development Bonds for Facilities Manufacturing Intangible Property - 59
    B. Credit for Investment in Advanced Energy Facilities - 60
    (17) ECONOMIC RECOVERY TOOLS - 62
    A. Recovery Zone Bonds - 62
    B. Tribal Economic Development Bonds - 64
    C. Increase in New Markets Tax Credit - 66
    D. Coordination of Low-Income Housing Credit and Low-Income Housing Grants - 66
    (18) IMPROVED MARKETABILITY FOR TAX-EXEMPT BONDS - 67
    A. De Minimis Safe Harbor Exception for Tax-Exempt Interest Expense of Financial Institutions - 67
    B. Modification of Small Issuer Exception to Tax-Exempt Interest Expense Allocation Rules for Financial Institutions - 68
    C. Temporary Modification of Alternative Minimum Tax Limitations on Tax-Exempt Bonds - 70
    D. Modification to High Speed Intercity Rail Facility Bonds - 71
    (19) DELAY IN APPLICATION OF WITHHOLDING TAX ON GOVERNMENT CONTRACTORS - 72
    A. Delay in Application of Withholding Tax on Government Contractors - 72
    (20) TAX CREDIT BONDS FOR SCHOOLS - 72
    A. Qualified School Construction Bonds - 72
    B. Extension and Expansion of Qualified Zone Academy Bonds - 74
    (21) BUILD AMERICA BONDS - 74
    A. Build America Bonds - 74
    (22) PASS-THROUGH RULE FOR REGULATED INVESTMENT COMPANIES - 77
    A. Regulated Investment Companies Allowed to Pass-Through Tax Credit Bond Credits - 77
    (23) TAX PROVISIONS RELATED TO HEALTH COVERAGE IMPROVEMENTS - 78
    A. Increase in Health Coverage Tax Credit - 78
    B. Payment of Monthly Health Insurance Premiums before Advance Payment of Credit - 79
    C. TAA Recipients Not Enrolled in Training Programs Eligible for Health Credit - 79
    D. TAA Pre-Certification Period Rule for Purposes of Determining Length of Lapse in Creditable Coverage - 80

    E. Continued Qualification of Family Members for Health Credit after Certain Events - 81
    F. Extension of COBRA Benefits for Certain TAA-Eligible Individuals and PBGC Recipients - 82
    G. Addition of Coverage Through Voluntary Employees? Beneficiary Associations - 82
    H. Notice Requirements Regarding Treasury Payment of Credit for Health Insurance - 83
    I. Survey and Report on Enhanced Health Coverage Tax Credit Program - 83
    J. COBRA Premium Assistance - 84
    III. TEXT OF TAX PROVISIONS OF THE ACT - 86

     

     

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American Recovery and Reinvestment Act of 2009 -- An Analysis
A must have research tool for any legal or accounting professional who advises clients on individual, corporate, manufacturing, or renewable energy tax issues.