American Recovery and Reinvestment Act of 2009

On 2/17/09, President Obama signed H.R. 1, the American Recovery and Reinvestment Act of 2009, into law. The President's signature sets the effective date for several Tax Act provisions tied to the date of enactment, such as the new deduction for sales and excise taxes on car purchases (effective for purchases on or after 2/17/09 and before 1/1/10). The IRS established a new webpage, which can be accessed at www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6 , to provide information on the Tax Act. The IRS notes that the Act "does not have any major impact for the vast majority of individuals preparing their 2008 tax returns due April 15. Instead, these changes will largely impact 2009 tax returns filed next year, in 2010." However, there are "a few limited areas in the legislation that could impact 2008 tax returns.