Friday, March 6, 2009

Gibson Dunn: Summary of Stimulus Bill Tax Provisions

The 1,100 page American Recovery and Reinvestment Act of 2009 contains a raft of tax provisions aimed at providing various forms of relief and spurring a rebound of economic activities. For those of us without the time to dedicate to parsing the bill for these relevant tax changes, Gibson, Dunn & Crutcher LLP has put together an extremely helpful summary of some of the most pertinent tax provisions in the legislation.

The Gibson Dunn piece covers the following new provisions:
  • Deferral of Cancellation of Debt Income;

  • Suspension of Limitation on High Yield Original Issue Discount (AHYDO) Deductions;

  • Net Operating Losses and Built-in Losses;

  • Business Tax Incentives;

  • Energy Provisions;

  • Tax-Advantaged Bond Provisions; and

  • Miscellaneous Provisions.
Given the wide-ranging effects this new set of tax policies will have on both the economy and the nation's finances, devoting a few minutes to read this short, but thorough, summary is well worth it. The full text of Gibson Dunn's summary is available at: