A Veteran’s Quick Guide to The Stimulus Bill
March 3, 2009
By Ginny Estupinian
So what does the $787 Billion stimulus bill mean to veterans and their families
Well, the American Recovery and Reinvestment Act is one of the most sweeping economic packages to be passed in decades.
The Alternative Minimum Tax
This bill has a provision in it that will keep the alternative minimum tax from affecting about 24 million middle class taxpayers. In many cases due to the cost of living adjustments
Social Security and Supplemental Security Income for Veterans
This bill provides for a onetime $250 payment to all Social Security recipients as well as disadvantaged persons on Supplemental Security Income and veterans who receive disability payments and pensions.
Car Buyers
You can deduct the sales tax you pay on a new vehicle
First Time Home buyers
If you are a first-time home buyer (defined as someone who has not owned a home in the last 3 years) in 2009 you will get a $8,000 credit that does not have to be repaid. This is not available for people making more than $75,000 individually or more than $125,000 jointly
Homelessness
There is about $1.5 billion directed to help prevent homelessness
Education
For those looking at college there is an increase in the maximum Pell grant to $5350.
Unemployment
The bill provides about $40 Billion to help extend unemployment benefits and about $20 Billion to increase food stamp benefits.
As with any information you need to check with your own tax professional to see how these and many other provisions can affect your tax liabilities.
