Tuesday, March 17, 2009

Pennsylvania's share in the economic stimulus package - learn how you can benefit

Pennsylvania will receive approximately $16 billion from the American Recovery and Reinvestment Act signed by President Barack Obama.

To learn if you or your business is eligible for stimulus monies, please browse the website by clicking here:


As an example, here is the information available for individual Pennsylvania residents.


The economic recovery plan provides much needed help to Pennsylvanians seeking help coping with job loss, health care costs and other issues. It also provides a boost to individuals looking to buy your first home, purchase a new vehicle, lower energy bills or pursue a higher education through a wide array of tax credits and information.

Additional Resources

Taxpayer Relief

The “Making Work Pay” tax credit provides individuals earning up to $75,000 with a $400 tax credit in 2009 and 2010. Married couples filing jointly and earning up to $150,000 will receive an $800 tax credit.

Retirees, Disabled Individuals and SSI Recipients, Disabled Veterans and Railroad Retirees

A one-time payment of $250 is available to all of these individuals.

Federal and State Pensioners

A one-time refundable tax credit of $250 is available to certain government retirees who are not eligible for Social Security benefits.

Earned Income Tax Credit (EITC)

Low to moderate income individuals and working families with three or more children will benefit from a temporary increase in the federal tax credit.

Child Tax Credit

Families will benefit from an increase in the refundable child tax credit in 2009 and 2010.

“American Opportunity” Education Tax Credit

Individuals seeking a college education may qualify to receive a tax credit of up to $2,500 of the cost of tuition and related expenses for 2009 and 2010.

Computers as Qualified Education Expenses in 529 Education Plans

Computers and computer technology now qualify as education expenses under the NowU Pennsylvania 529 Investment Plan.

Refundable First-time Home Buyer Credit

First-time homebuyers in 2009 may be eligible for up to an $8,000 tax credit that does not have to be paid back.

Sales Tax Deduction for Vehicle Purchases

Deduct state and local sales and excise taxes on new car, light truck, recreational vehicle and motorcycle purchases in 2009.

Temporary Suspension of Taxation of Unemployment Benefits

There will be no federal income tax on the first $2,400 in unemployment benefits received by an individual in 2009.

Extension of Alternative Minimum Tax Relief for 2009

AMT relief will be extended through 2009 for nonrefundable personal credits and the exemption amounts increased to $70,950 for joint filers and $46,700 for individuals.

Much more information here:


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