On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009, referring to the bill as “the most sweeping economic recovery package in the nation’s history.” The $789 billion price tag is divided fairly evenly among tax cuts, additional spending programs, and aid to the states, students, schools, the unemployed, and communities. This summary will focus primarily on the tax cuts portion of the Act and how it will affect taxpayers. There are alternative energy provisions that offer incentives for businesses that produce or use alternative energy that are not discussed in this summary. The changes to the energy incentives available to individual taxpayers are included.
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