$787 Billion Stimulus Package Passed by Congress

The American Recovery and Reinvestment Act of 2009, the widely publicized $787 billion federal economic stimulus package, was passed by Congress on Friday, Feb. 13, 2009 and sent to President Obama. The voluminous legislation includes spending measures and tax provisions.  
 
Waller Lansden has analyzed the legislation and prepared a series of informative articles on key aspects of the legislation. For more information, please click on the following links:
 
Stimulus Package Includes Wide Range of Tax Relief and Extenders
Including tax provisions focusing on individuals; business tax incentives; low income housing grants.
 
Tax-Exempt Bonds Key Component of Stimulus Package
Including tax-exempt financing for manufacturing facilities; changes to rules governing financial institutions holding tax-exempt bonds; tax credit bonds; Build America Bonds; Private Activity Bonds.
 
Stimulus Package’s Elective Tax Deferral Could Facilitate Workouts
Including provisions to assist businesses in restructuring debt with elective deferral of certain tax payments upon cancellation of indebtedness income.
 
Stimulus Package Provides Wide Range of Energy Incentives
Including energy tax credits for individuals; home energy-efficient improvements tax credit, investment tax credit; renewable energy production tax credit; energy grants in lieu of tax credits.
 
Tennessee: State Tax Implications of The American Recovery and Reinvestment Act of 2009
Including opportunities to combine federal energy incentives with Tennessee tax incentives.
 
Stimulus Package Provides Incentives for the Use of Health Information Technology, Electronic Health Records
Including incentives for hospitals and physicians; requirements for “meaningful” use; applicability to federal agencies and private entities.
 
Stimulus Bill Expands Reach of HIPAA
Including heightened enforcement and increased penalties; extension of privacy and security laws to business associates; new security breach notification requirements; patient's right to restrict access to Personal Health Information.