Emergency Economic Stabilization Act of 2008

This tax information was compiled by one of our Tax Managers, Monica A. Lawver, CPA. On Oct. 3, 2008, President Bush signed into law H.R. 1424 (P.L. 110-343, the Act). The measure originally was designed to carry only the $700 billion financial industry bailout plan, but at the last minute, to increase its odds of passage, it was amended to include a series of tax bills. Below is a summary of the Act’s key tax provisions, followed by a discussion of each: Individual Taxpayers 1. Expansion of energy credits 2. Enactment of temporary AMT relief 3. Extension of other miscellaneous deductions Business Taxpayers 4. Expansion of energy and research credits To read the complete article please click here: http://www.ty-llp.com/emergency_stabilization.html You can also view past and current newsletters on our website, www.ty-llp.com, under our News & Events page.