Worker, Homeownership, and Business Assistance Act of 2009

The CCH summary of the new tax bill signed by the President today is now available.

For small businesses (with gross receipts <15 million), the most important news is that the 5 year NOL carryback is now extended to 2009.  For those businesses over $15 million, the 5 year NOL carryback is available for 2008 OR 2009, but there are limitations.

For individuals, the $8,000 first-time homebuyer credit is extended, and for non-first time homebuyers who have lived in their residence for 5 out of the last 8 years – there is now a reduced credit of $6,500.

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About Brian Germer, CPA

CPA with Parsons and Germer CPAs, LLP in Portland, OR

2 thoughts on “Worker, Homeownership, and Business Assistance Act of 2009

  1. I am trying to find out if the Worker, Homeownership & Business Assistance Act of 2009 applies to S Corps as well. All articles that I read say “corporations”.

    Thank you.

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