American Recovery and Reinvestment Act of 2009

The new stimulus law extended to 2009 the 50% bonus depreciation and the Section 179 deduction limit of $250,000 -- big tax savings for business. Tax breaks for individuals include a refundable “making work pay” stimulus credit, enhanced child tax credit and earned income tax credit, an improved homebuyer credit, a new deduction for state sales and excise taxes paid on new vehicles, and a sweetened higher education credit. There's also a one-year AMT patch.