Making Work Pay Credit (and the reduction in income tax withholding))

Social Security Recipients, Veterans and Railroad Retirees One-Time Economic Recovery Payment

Special Credit for Certain Government Retirees

First-time Homebuyer Credit Amended for 2009  (Note:  Idaho is 1 out of only 12 states that is offering a special "short-term Tax Credit 2nd Loan" to enable buyers to use their credit as part of their down payment/closing costs.) 

Sales Tax For Purchase of a New Vehicle

Other Provisions of ARRA

The following are highlights of some of the other provisions of this new law. 

·         Temporary increase in earned income credit.

·         Temporary increase in refundable portion of child tax credit.

·         American Opportunity Tax Credit which makes temporary changes to the education credits (also known as Hope Credit). A portion will be refundable.   If you have a section 529 college savings plan, you can spend those funds on a computer that's used for college. 

·         A portion of unemployment compensation ($2,400) can be excluded on a taxpayer’s 2009 tax return.

·         Energy conservation incentives - home improvements and electric vehicles 

·         Alternative Minimum Tax (AMT) relief extended for 2009

·         A 65 percent subsidy for COBRA continuation coverage for up to nine months for certain workers who are involuntarily terminated from their jobs