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
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PDF
ISBN: 9781422429983
2009
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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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