Walter Smith, CPA
Managing Principal
Principal, Tax Services
You don't work on Wall Street, so the new financial bailout legislation doesn't benefit you. Right?
Wrong, at least for most people.
To secure passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008, Congress supplemented the financial bailout provisions with alternative minimum tax (AMT) relief and temporarily increased the basic deposit amount insured by the FDIC from $100,000 to $250,000 per depositor, per insured bank.
Congress also extended expired or expiring tax breaks, enacted new tax relief provisions, and included a variety of energy incentives and disaster relief provisions in the legislation.
Click Full Article for a brief overview of the individual and business tax relief enacted as part of the new financial bailout legislation.
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After a turbulent week, Congress finally passed the "bailout" bill on Friday and President Bush quickly signed it into law. In addition to providing assistance to troubled financial institutions, the new law contains numerous tax provisions estimated at being worth more than $150 billion. Here is a quick rundown of some of the tax benefits, as well as a depreciation strategy that some businesses might be able to take advantage of under a law passed earlier this year.
