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Emergency Economic Stabilization Act
On October 3, 2008, the President signed H.R. 1424: Emergency Economic Stabilization Act, commonly known as “the bailout bill”. While the Act’s primary purpose is to solve the credit crunch in our financial markets, it is also one of the largest tax bills in recent years, with almost 300 changes to the tax code, more than $150 billion in tax breaks for individuals and businesses and $42 billion in tax increases for certain targeted groups.
The tax provisions are contained in three separate Divisions of the Act:
- Division A – The Emergency Economic Stabilization Act of 2008
- Division B – The Energy Improvement and Extension Act of 2008
- Division C – The Tax Extenders and AMT Relief Act of 2008
A summary of the tax-related provisions follows. If you would like more details about these changes or any other aspects of the new law, or would like to discuss how these changes affect you or your business, please do not hesitate to contact the Sensiba San Filippo tax team.
Emergency Economic Stabilization Act
For more information, please contact Sensiba San Filippo at info@ssfllp.com
Contacts:
| Courtney Smith PureMatter Brand Marketing + Interactive 408.297.7800 courtney@purematter.com |
Sheila Reid Sensiba San Filippo LLP 925.271.8700 sreid@ssfllp.com |
