Tax Article - Emergency Economic Stabilization Act of 2008 (EESA)

Target Audience: Economic Stabilization, Tax Laws and Updates, Tax Breaks for Businesses and Individuals

New Federal Tax Law Extends Breaks for Businesses and Individuals

As April 15 gets a little closer, bear in mind the changes that have taken place. The Emergency Economic Stabilization Act of 2008 (EESA), signed into law last fall, extended a variety of tax breaks for businesses and individuals. For businesses, the research and development tax credit, accelerated depreciation for leasehold and restaurant improvements, and a number of energy incentives are still available. Meanwhile, individuals can continue to obtain some relief (though not eliminated) from the dreaded alternative minimum tax (for 2008 only, though) as well as claim deductions for sales and local sales taxes (if those amounts exceed state and local income taxes) and qualified tuition expenses. Ask your tax advisor for more details.

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