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President Signs Stimulus Plan, Car Sales Tax Deduction Becomes Effective
(RIVERWOODS, ILL., February 17, 2009) – President Barack Obama today signed The American Recovery and Reinvestment Act of 2009, the major “economic stimulus” measure of his administration, containing a multitude of new tax provisions, according to CCH, a Wolters Kluwer business (CCHGroup.com).
The tax measures, which affect individuals, businesses, environment and government, are aimed at increasing spending, employment, education and clean energy.
“Today’s date is significant, because while many of the provisions are retroactive to the beginning of the year, some, including an above-the-line deduction for sales tax on new cars and a subsidy for COBRA premiums, only become effective on the ‘date of enactment,’” said Mark Luscombe, JD, LLM, CPA and CCH principal federal tax analyst.
To read the CCH Special Tax Briefing on the significant tax provisions of the Act, go to http://tax.cchgroup.com/legislation/.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. CCH is based in Riverwoods, Ill. Wolters Kluwer is a leading global information services and publishing company. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.
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