| Tax Relief and Incentives |
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Recent federal legislation has given individuals certian tax relief and incentives. TAX RELIEF AND INCENTIVES ALTERNATIVE FUEL VEHICLE REFUELING CREDITDescription: Temporarily increases the credit rate for alternative-fuel vehicle refueling property to 50%; increase to $50,000 business property, $2,000 non-business. Funding Mechanism: Federal tax credit. Eligible Entities: Businesses Individuals Responsibility for Implementation: Federal Federal Agency: Internal Revenue Service Federal Web Site: http://www.irs.gov ALTERNATIVE MINIMUM TAX RELIEFDescription: Provides an extension of Alternative Minimum Tax Relief for 2009 that increases the alternative minimum tax exemption amount to $70,950 for married couples filing jointly, to $46,700 for single tax filers and to $35,475 for married filers filing separately. Funding Mechanism: Lower federal alternative minimum tax liability. Eligible Entities: Individuals Responsibility for Implementation: Federal Federal Agency: Internal Revenue Service Federal Web Site: http://www.irs.gov AMERICAN OPPORTUNITY EDUCATION TAX CREDITDescription: Provides financial assistance for individuals seeking a college education. For 2009 and 2010, provides taxpayers with a new tax credit of up to $2,500 for the cost of tuition and related expenses paid during the taxable year. Funding Mechanism: Refundable/nonrefundable federal tax credit. Eligible Entities: Individuals Responsibility for Implementation: Federal Federal Agency: Internal Revenue Service Federal Web Site: http://www.irs.gov |