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:
http://www.gibsondunn.com/Publications/Pages/StimulusBillTaxProvisions.aspx
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