Current-dollar DPI turned down sharply, reflecting a sharp deceleration in personal income and a sharp upturn in personal current taxes (see page 4); both primarily reflected the second-quarter effects of the rebate payments to individuals from the
Economic Stimulus Act of 2008.
The
Economic Stimulus Act of 2008 allowed FHA to raise its loan limits from $362,790 to $729,750 in some areas of the country.
What many taxpayers probably did not realize when they made that choice on their returns this year was that their advance refunds under the
Economic Stimulus Act of 2008, P.
Checks from the
Economic Stimulus Act of 2008 are just now beginning to arrive in taxpayers' bank accounts, but surveys and studies suggest that a majority of the recipients won't be rushing off to the mall to make the economy boom once more.
In addition to the politically ballyhooed rebates for individual taxpayers, The
Economic Stimulus Act of 2008 includes two major provisions for businesses.
Although price declines mean that the total number of homes eligible for conforming financing has increased, we're disappointed that the $729,750 limit stipulated in the
Economic Stimulus Act of 2008 signed in February was not made permanent," said C.
As an example, the
Economic Stimulus Act of 2008 increases the maximum amount that taxpayers may expense of the cost of qualifying property from $128,000 to $250,000 under Internal Revenue Code Section 179.
Much of the acceleration was accounted for by cash rebates from the federal government under the
Economic Stimulus Act of 2008.
Future income tax rebates will also be affected if they are worded similarly to the
Economic Stimulus Act of 2008.
In response to recent economic uncertainties, the
Economic Stimulus Act of 2008 provides individual taxpayers a one-time rebate (advance tax credit).
1 billion in tax incentives are targeted principally to home ownership and affordable housing, the new law also allows corporations to use their accumulated alternative minimum tax and research and development credits by electing NOT to claim the special 50-percent bonus depreciation that was allowed by the recently enacted
Economic Stimulus Act of 2008.
Recent legislation, such as the
Economic Stimulus Act of 2008, also contains certain tax benefits for businesses.
