Tax provisions.(IN SESSION)(Brief article)

In addition to the investments listed above, H.R. 1 provides a number of tax incentives for individuals, businesses and energy improvements.

* INDIVIDUALS: More than 26 million families will receive tax relief in 2009, with the extension of the Alternative Minimum Tax (AMT) relief for nonrefundable personal credits and the increase of the AMT exemption amount to $70,950 for joint filers and $46,700 for individuals.

* BUSINESSES: A 5-year carry-back on net operating losses for small businesses, an extension of increased small business expensing, a small business capital gains tax exclusion, an extension of the bonus depreciation period, tax relief for businesses that reacquire, satisfy or otherwise discharge debt obligations at a discount in 2009 and 2010, and a temporary reduction period for S Corporation built-in gains.

* ENERGY IMPROVEMENTS: A 3-year extension for the period during which qualified facilities producing certain renewable electricity may be placed in service for purposes of the electricity production credit. Additionally, $1.6 billion in new, clean renewable energy bonds (CREBs) may be issued by qualified issuers (public power providers, cooperative electric companies, etc.) to finance qualified renewable energy facilities. Finally, the credit cap applicable to qualified small wind energy properties is eliminated, as is the rule reducing the basis of the property for purposes of claiming the credit if the property is financed in whole or in part by subsidized energy financing or with proceeds from private activity bonds.

The federal government has created a Web site, www.recovery.gov, to provide information about federal grant awards and contracts as well as formula grant allocations under H.R. 1.

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