2009-04-21_Agenda - Laserfiche WebLink

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• $2.�5 biliion for Assisted Housing Stability and Energy and Green Retrofit Investments, including $2 billion a�ailable tq praperty owners far rental assistance and $250 million far grants or loans for energy and green retrofit investments. a $100 miElion to local go�ernments and nonprofit organizations for removal of lead-based paint hazards in low-income housing. RURAL DEVE:I,OPMEfVT • $1.38 billion additional funding far the Rural Utilities Service loans and grants for water and waste dispasal faciiities. $13D million acfditional f�ndi.ng for loans and grants for essential rural community facilities including haspi#als, health clinia, health and safety �ehicles and equipment, public buifdings, and child and elder care facilities. TRANSPORTATION • $48 billion for transportation-related infrastructure projects in�luding high►n�ay and bridge construction; transit new construttion, upgrades and repairs; and high speed rail carridors. II. Tax Pravisions TAX INCENTIVES FOR INQNlE7L1ALS ��e,�...��„ ��`1�� � Extensivn of AMT relief for 2.009. Provides more than 26 million families with tax relief in 2009 by extending AMi relief for nonrefundable personal credits and increasing the AMT exemption arr�ount to $70,950 forjoint filers ar�d $46,700 far individuals. TAX INCE1VTiVES FOR BUSIIVE5SES • 5-Y�ar Carryback vn fVet Operating Lasses far Small Businesses. Under current law, net operating losses ("N�Ls") may be carried back to the twa taxable years before the year that the lass arises (the "NOL carrybatk period"} and carried forward �o each of the succeedin.g twenty taxabfe years after the year that the lass arises. Far 2008, the legisla�ion extends the maximum NOL carryE�ack periad from two years to five years for small businesses with gross receipts of $15 millian or less. ` Extension of Increased Small Business Expensing. Last year, Congress temporari:ly incr�ased the amount that small businesses could write-off for Capital �xpenditures incurred in 2008 to $250,000 �nd in�reased the phase-out threshald �or 2�08 to $800,000. This pro�ision extends these temporary intreases for capital expenditures incurred in 2009. • Small Business Capital Gains Extlusian. This pro�ision allows a 75% exclusion for indi�iduals an the gain from the sale of certain small business stock held far more than fi�e years. This change is for stack issued after the date of enactment and before January 1, 2011. • Extension of bonus depreciation. Last year, Congress temporarily allowed businesses ta recover the costs of capital expenditures made in 2008 faster than the ordinary depreciation schedule wauld allow by permitting these businesses to immediately write-off 50% of #he cost of depreciable property acquired in 2008 for the use in the United States, ihis pra�ision extends this temporary benefit for ca.pital expenditures incurred in 2p09. • Cancellation of Debt Incorne. 7his section provides tax relief for businesses tha.t reacquire, satisfy ar otherwise discharge debt obligations at a. discount in 2009 and 201p. The law permits businesses ta defer any tax on 20Q9 and 2010 cancellation of debt incarrse until 2014. The new