ProPublica - Journalism in the Public Interest provides an excellent summary of the stimulus package that rises above the political bickering hype coverage we have to endure from the crappy US mainstream media.

Read it. See if you find things you disagree with. It's your money they're spending.

To me - it don't look half bad. For instance, here's the summary - the details below:

Aid to People Affected by Economic Downturn $36,910,807,000

Aid to State and Local Governments $58,355,000,000

Business $870,000,000 (mostly small and rural business)

Education $48,420,000,000

Energy $41,400,000,000 (and we ain't talking Enron - we're talking renewables mostly)

Health Care $18,830,000,000

Tax Relief for Individuals $246,869,000,000

Tax Incentives for Businesses $6,150,000,000

Business (tax incentives) $3,540,000,000

Renewable Energy Tax Credits $19,968,000,000

Aid to State and Local Governments (tax incentives) $95,136,000,000

Health Care $20,352,000,000 (tax incentives)

Aid to People Affected by the Economic Downturn $62,310,000,000 (tax, health, & unemployment benefits)

Spending and Taxing Summaries below - Details under each section heading

Spending:

Program Funding

Accountability $323,500,000

Department of Agriculture - Office of Inspector General $22,500,000

Department of Commerce - Office of Inspector General $10,000,000

National Oceanic and Atmospheric Administration - Office of Inspector General $6,000,000

Department of Justice - Office of Inspector General $2,000,000

NASA - Office of Inspector General $2,000,000

Defense Department - Office of Inspector General $15,000,000

Department of Energy - Office of Inspector General $15,000,000

Department of the Treasury - Inspector General for Tax Administration $7,000,000

General Services Administration - Office of Inspector General $7,000,000

Recovery Act Accountability and Transparency Board $84,000,000

Small Business Administration - Office of Inspector General $10,000,000

Department of Homeland Security - Office of Inspector General $5,000,000

Bureau of Indian Affairs - Office of Inspector General $15,000,000

Environmental Protection Agency - Office of Inspector General $20,000,000

Department of Labor - Office of Inspector General $6,000,000

Department of Health and Human Services - Office of Inspector General related to the Office of the National Coordinator for Health Information Technology $17,000,000

Department of Education - Office of Inspector General $14,000,000

Corporation for National and Community Service - Office of Inspector General $1,000,000

Social Security Administration - Office of Inspector General $2,000,000

Government Accountability Office salaries and expenses $25,000,000

Veterans Affairs - Office of Inspector General $1,000,000

State Department - Office of Inspector General $2,000,000

Department of Transportation - Office of Inspector General $20,000,000

Department of Housing and Urban Development - Office of Inspector General $15,000,000

Aid to People Affected by Economic Downturn $36,910,807,000

Rural Housing Service insurance fund program account - direct loans and unsubsidized guaranteed loans $11,672,000,000

Rural community facilities program account $130,000,000

Special supplemental nutrition program for women, infants and children (WIC) $500,000,000

School lunch programs for schools in which at least 50% of students are eligible for free or reduced price meals $100,000,000

Food bank commodity assistance program $150,000,000

Temporary increase in benefits under the Supplemental Nutrition Assistance Program (food stamps) $19,900,000,000

Food distribution program on Indian reservations $5,000,000

Agricultural disaster assistance transition - Federal Crop Insurance Act

Farm operating loans $173,367,000

Direct farm operating loans $20,440,000

IRS health insurance tax credit administration $80,000,000

Emergency food and shelter $100,000,000

Bureau of Indian Affairs job training and housing improvement programs $40,000,000

Indian guaranteed loan program $10,000,000

Community service employment for older Americans $120,000,000

Extra funding for state unemployment insurance $150,000,000

State re-employment services for the jobless $250,000,000

Child care assistance for low-income families $1,651,227,000

Child care assistance for low-income families through state programs $255,186,000

Child care assistance for low-income families to improve infant and toddler care $93,587,000

Community Service Block Grant Program $1,000,000,000

Social Security Act funding 50,000,000

Social Security Administration processing of disability and retirement workloads$460,000,000

Aid to State and Local Governments $58,355,000,000

State administrative expenses to carry out increase in food stamp program $295,000,000

Economic development assistance programs $150,000,000

Violence against women prevention and prosecution programs $225,000,000

Office of Justice Programs state and local law enforcement assistance (Edward Byrne Memorial Justice Assistance Grants) $2,000,000,000

State and local law enforcement assistance grants to improve criminal justice systems, assist crime victims and mentor youth $225,000,000

Southern border and high-intensity drug trafficking areas $30,000,000

ATF Project Gunrunner $10,000,000

State and local law enforcement assistance to Indian tribes $225,000,000

Crime victim assistance $100,000,000

Rural drug crime program $125,000,000

Internet crimes against children initiatives $50,000,000

Community Oriented Policing Services (COPS) grants $1,000,000,000

Justice Department salaries and expenses for administration of police grant programs $10,000,000

Community Development Financial Institutions Fund for financial assistance, training and outreach to Native American, Hawaiian and Alaskan native communities $100,000,000

Local and state fire station upgrades and construction $210,000,000

Disaster assistance direct loans may exceed $5,000,000 and may be equal to not more than 50% of local government annual budget if the government lost 25% or more in tax revenues

State Fiscal Stabilization Fund to avoid cutbacks and layoffs (82% must be used for education while 18% may be used for public safety and other government services. The latter part may be used for repairs and modernization of K-12 schools andcollege and university buildings.) $53,600,000,000

Business $870,000,000

Rural Business - Cooperative Service: rural business program account $150,000,000

Small Business Administration salaries and expenses, microloan program and improvements to technology systems $69,000,000

Surety bond guarantees revolving fund $15,000,000

Small business loans $636,000,000

Education $48,420,000,000

State grants for adult job training $500,000,000

State grants for youth job training and summer employment opportunities $1,200,000,000

Dislocated worker job training $1,250,000,000

YouthBuild program for high school dropouts who re-enroll in other schools $50,000,000

Job training in emerging industries $250,000,000

Job training in the renewable energy field $500,000,000

Head Start programs $1,000,000,000

Early Head Start program expansion $1,100,000,000

Education for the disadvantaged - elementary and secondary education 10,000,000,000

Education for the disadvantaged - school improvement grants $3,000,000,000

Education impact aid $100,000,000

School improvement programs $650,000,000

Innovation and improvement of elementary and secondary schools $200,000,000

Special education funding under the Individuals with Disabilities Education Act $12,200,000,000

Pell grants for higher education $15,840,000,000

Institute of Education data systems $245,000,000

Institute of Education state data coordinators $5,000,000

Dislocated worker assistance national reserve $200,000,000

School improvement grants awarded based on the number of homeless students identified in a state $70,000,000

Student aid administrative costs $60,000,000

Energy $41,400,000,000

Energy efficiency and conservation block grants $3,200,000,000

Weatherization Assistance Program (increases maximum income level and maximum assistance) $5,000,000,000

State energy program $3,100,000,000

Advanced batteries manufacturing, including lithium ion batteries, hybrid electrical systems, component manufacturers and software designers $2,000,000,000

Modernize electricity grid $4,400,000,000

Electricity grid worker training $100,000,000

Fossil energy research and development $3,400,000,000

Uranium Enrichment Decontamination and Decommissioning Fund $390,000,000

Department of Energy science programs $1,600,000,000

Advanced Research Projects Agency $400,000,000

Innovative technology loan guarantee program $6,000,000,000

Western Area Power Administration construction and maintenance $10,000,000

Bonneville Power Administration borrowing authority $3,250,000,000

Western Area Power Administration borrowing authority $3,250,000,000

Leading edge biofuel projects $500,000,000

Federal building conversion to "high-performance green buildings" $4,500,000,000

Energy efficiency federal vehicle fleet procurement $300,000,000

Health Care $18,830,000,000

Indian Health Service information technology and telehealth services $85,000,000

Indian health facilities $415,000,000

Grants for public health centers $500,000,000

Construction, renovation, equipment and information technology for health centers $1,500,000,000

National Health Service Corps funding $75,000,000

Addressing health professions workforce shortage $425,000,000

National Institutes of Health grants and contracts to renovate non-federal research facilities $1,000,000,000

National Institute of Health grants and contracts for shared resources and equipment for grantees $300,000,000

National Institutes of Health fund to support scientific research $7,400,000,000

National Institutes of Health Common Fund $800,000,000

National Institutes of Health renovations of high-priority buildings at the Bethesda, Md., campus, and at other locations $500,000,000

Comparative effectiveness research $300,000,000

Comparative effectiveness research by the National Institutes of Health 400,000,000

Comparative effectiveness research by the Department of Health and Human Services $400,000,000

Office of the National Coordinator for Health Information Technology $1,680,000,000

National Coordinator for Health Information Technology's regional or subnational efforts $300,000,000

Department of Commerce health care information enterprise integration activities related to the Office of the National Coordinator for Health Information Technology $20,000,000

Department of Health and Human Services computer and information technology security $50,000,000

Department of Health and Human Services Prevention and Wellness Fund $1,000,000,000

Prevention and Wellness Fund immunization program $300,000,000

Prevention and Wellness Fund evidence-based clinical and community-based prevention strategies $650,000,000

Prevention and Wellness Fund reduction in incidence of health-care-associated infections $50,000,000

Rehabilitation services and disability research 540,000,000

State grants for rehabilitation services and disability research $18,200,000

Rehabilitation services in independent living centers $87,500,000

Rehabilitation services for older blind individuals $34,300,000

Other $2,147,000,000

Census Bureau programs $1,000,000,000

Digital-to-analog television converter box program $650,000,000

President shall establish arbitration panel under FEMA public assistance program to expedite recovery efforts from Hurricanes Katrina and Rita

Requirement that Department of Homeland Security uniforms be manufactured and sewn together by U.S. fabric and apparel companies

National Endowment for the Arts grants $50,000,000

Department of Labor salaries and expenses $80,000,000

Additional awards to existing AmeriCorps grantees $83,000,000

AmeriCorps program salaries and expenses $5,200,000

AmeriCorps program administrative costs of expansion $800,000

National security trust appropriation $40,000,000

Social Security Administration health information technology research $40,000,000

Filipino World War II veterans compensation $198,000,000

Science and Technology $13,142,000,000

Farm Service Agency salaries and expenses to maintain and modernize the information technology system $50,000,000

Distance learning, telemedicine and broadband program $2,500,000,000

National Telecommunications and Information Administration - broadband technology opportunities program $4,690,000,000

National Institute of Standards and Technology scientific and technical research and services $220,000,000

National Institute of Standards and Technology construction of research facilities $360,000,000

National Oceanic and Atmospheric Administration operations, research and facilities $230,000,000

National Oceanic and Atmospheric Administration procurement, acquisition and construction $600,000,000

NASA science $400,000,000

NASA aeronautics $150,000,000

NASA exploration $400,000,000

NASA cross agency support $50,000,000

National Science Foundation research and related activities $2,500,000,000

National Science Foundation education and human resources $100,000,000

National Science Foundation major research equipment and facilities construction $400,000,000

National Science Foundation - Office of Inspector General $2,000,000

Veterans Affairs for hiring and training of claims processors $150,000,000

Veterans Affairs information technology systems $50,000,000

State Department technology security upgrades $252,000,000

U.S. Agency for International Development (USAID) technology $38,000,000

Transportation and Infrastructure $98,325,000,000

Agriculture buildings and facilities and rental payments $24,000,000

Agricultural Research Service buildings and facilities $176,000,000

Natural Resources Conservation Service watershed and flood prevention programs $290,000,000

Watershed rehabilitation program $50,000,000

Rural Utilities Service water and waste disposal program account $1,380,000,000

Defense Department facilities operation and maintenance, Army $1,474,525,000

Defense Department facilities operation and maintenance, Navy $657,051,000

Defense Department facilities operation and maintenance, Marine Corps $113,865,000

Defense Department facilities operation and maintenance, Air Force $1,095,959,000

Defense Department facilities operation and maintenance, Army Reserve $98,269,000

Defense Department facilities operation and maintenance, Navy $55,083,000

Defense Department facilities operation and maintenance, Marine Corps Reserve $39,909,000

Defense Department facilities operation and maintenance, Air Force Reserve $13,187,000

Defense Department facilities operation and maintenance, Army National Guard $266,304,000

Defense Department facilities operation and maintenance, Air National Guard $25,848,000

Army research development, test and evaluation $75,000,000

Navy research development, test and evaluation $75,000,000

Air Force research development, test and evaluation $75,000,000

Defense-wide research development, test and evaluation $75,000,000

Defense Department medical facilities repair and modernization including energy efficiency $400,000,000

Corps of Engineers investigations $25,000,000

Corps of Engineers construction $2,000,000,000

Corps of Engineers - Mississippi River and tributaries $375,000,000

Corps of Engineers operations and maintenance $2,075,000,000

Corps of Engineers regulatory program $25,000,000

Corps of Engineers formerly utilized sites remedial action program $100,000,000

Bureau of Reclamation water and related resources, including inspection of canals in urbanized areas $900,000,000

Central Utah Project water programs $50,000,000

California Bay-Delta restoration $50,000,000

Non-Defense environmental cleanup $483,000,000

Defense environmental cleanup $5,127,000,000

Federal buildings and courthouses $750,000,000

Border stations and land ports of entry $300,000,000

Department of Homeland Security headquarters consolidation $200,000,000

Customs and Border Protection non-intrusive inspection systems $100,000,000

Customs and Border Protection tactical communications equipment and radios $60,000,000

Border security fencing, infrastructure and technology $100,000,000

Land border ports of entry construction $420,000,000

Immigration and Customs Enforcement tactical communications equipment and radios $20,000,000

Transportation Security Administration checked baggage and checkpoint explosives detection machines $1,000,000,000

Coast Guard shore facilities and aids to navigation facilities $98,000,000

Coast Guard alteration of bridges $142,000,000

FEMA public transportation and railroad security $150,000,000

FEMA port security grants $150,000,000

Bureau of Land Management maintenance and restoration of facilities, trails, lands, abandoned mines and wells $125,000,000

Bureau of Land Management construction of roads, bridges, trails and facilities, including energy efficient retrofits $180,000,000

Wildland fire management and hazardous fuels reduction $15,000,000

U.S. Fish and Wildlife Service maintenance and construction on wildlife refuges and fish hatcheries and for habitat restoration $165,000,000

U.S. Fish and Wildlife Service roads, bridges and facilities, including energy efficient retrofits $115,000,000

National Park Service facilities and trails $146,000,000

Historically black colleges and universities preservation $15,000,000

National Park Service road construction, cleanup of abandoned mines on parkland and other infrastructure $589,000,000

U.S. Geological Survey facilities and equipment, including stream gages, seismic and volcano monitoring systems and national map activities $140,000,000

Bureau of Indian Affairs construction of roads, schools and detention centers $450,000,000

Superfund site cleanup $600,000,000

Leaking underground storage tank cleanup $200,000,000

Clean water state revolving fund grants $4,000,000,000

Safe drinking water capitalization grants $2,000,000,000

Brownfields projects $100,000,000

Diesel emission reduction grants and loans $300,000,000

Forest Service road, bridge and trail maintenance; watershed restoration; facilities improvement; remediation of abandoned mines; and support costs $650,000,000

Wildfire mitigation $500,000,000

Smithsonian Institution repairs $25,000,000

Construction, renovation and acquisition of Job Corps Centers $250,000,000

Social Security Administration's National Computer Center replacement $500,000,000

Military construction, Army - child development centers and warrior transition complexes $180,000,000

Military construction, Navy and Marine Corps - child development centers and warrior transition complexes $280,000,000

Military construction, Air Force - child development centers and warrior transition complexes $180,000,000

Military hospital construction and energy conservation investments $1,450,000,000

Military construction, Army National Guard $50,000,000

Military construction, Air National Guard $50,000,000

Family housing construction, Army $34,507,000

Family housing operation and maintenance, Army $3,932,000

Family housing construction, Air Force $80,100,000

Family housing operation and maintenance, Air Force $16,461,000

Temporary expansion of military homeowner assistance program to respond to mortgage foreclosure and credit crisis, including acquisition of property at or near military bases that have been ordered closed. $555,000,000

Veterans Affairs hospital maintenance $1,000,000,000

National Cemetery Administration for monument and memorial repairs $50,000,000

State extended care facilities, such as nursing homes $150,000,000

State Department diplomatic and consular programs for domestic passport and training facilities $90,000,000

International Boundary and Water Commission - Rio Grande levee repairs $220,000,000

Additional capital investments in surface transportation including highways, bridges, and road repairs $1,298,500,000

Administrative costs for additional capital investments in surface transportation $200,000,000

Capital investments in surface transportation grants to be awarded by other administration $1,500,000

Federal Aviation Administration infrastructure $200,000,000

Grants-in-aid for airports $1,100,000,000

Highway infrastructure investment $26,725,000,000

Highway infrastructure investment in Puerto Rico $105,000,000

Highway infrastructure funds distributed by states $60,000,000

Highway infrastructure funds for the Indian Reservation Roads program $550,000,000

Highway infrastructure funds for surface transportation technology training $20,000,000

Highway infrastructure to fund oversight and management of projects $40,000,000

High speed rail capital assistance $8,000,000,000

National Railroad passenger corporation capital grants $850,000,000

National Railroad passenger corporation capital grants for security $450,000,000

Federal Transit Administration capital assistance $6,800,000,000

Public transportation discretionary grants $100,000,000

Fixed guideway infrastructure investment $750,000,000

Capital investment grants $750,000,000

Shipyard grants $100,000,000

Public housing capital improvements $3,000,000,000

Public housing renovations and energy conservation investments $1,000,000,000

Native American housing block grants $510,000,000

Community development funding $1,000,000,000

Emergency assistance for the redevelopment of abandoned and foreclosed homes $2,000,000,000

Additional capital investments in low-income housing tax credit projects $2,250,000,000

Homelessness prevention and re-housing $1,500,000,000

Assistance to owners of properties receiving section 8 assistance $2,000,000,000

Grants and loans for green investment in section 8 properties $250,000,000

Lead hazard reduction $100,000,000

Tax Relief for Individuals $246,869,000,000

" Making Work Pay" Tax Credit. For 2009 and 2010, the bill would provide a refundable tax credit of up to $400 for working individuals and $800 for working families. This tax credit would be calculated at a rate of 6.2% of earned income, and would phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly). Taxpayers can receive this benefit through a reduction in the amount of income tax that is withheld from their paychecks, or through claiming the credit on their tax returns. $116,199,000,000

Economic Recovery Payment to Recipients of Social Security, SSI, Railroad Retirement and Veterans Disability Compensation Benefits. The bill would provide a one-time payment of $250 to retirees, disabled individuals and SSI recipients receiving benefits from the Social Security Administration, Railroad Retirement beneficiaries, and disabled veterans receiving benefits from the Department of Veterans Affairs. The one-time payment is a reduction to the Making Work Pay credit. $14,225,000,000

Refundable Credit for Certain Federal and State Pensioners. The bill would provide a one-time refundable tax credit of $250 in 2009 to certain government retirees who are not eligible for Social Security benefits. This one-time credit is a reduction to the Making Work Pay credit. $218,000,000

Increase in Earned Income Tax Credit. The bill would temporarily increase the earned income tax credit for working families with three or more children. Under current law, working families with two or more children qualify for an earned income tax credit equal to 40% of the family's first $12,570 of earned income. This credit is subject to a phase-out for working families with adjusted gross income in excess of $16,420 ($19,540 for married couples filing jointly). The bill would increase the earned income tax credit to 45% of the family's first $12,570 of earned income for families with three or more children and would increase the beginning point of the phase-out range for all married couples filing a joint return (regardless of the number of children) by $1,880. $4,663,000,000

Increase Eligibility for the Refundable Portion of Child Credit. The bill would increase the eligibility for the refundable child tax credit in 2009 and 2010. For 2008, the child tax credit is refundable to the extent of 15% of the taxpayer's earned income in excess of $8,500. The bill would reduce this floor for 2009 and 2010 to $3,000. $14,830,000,000

" American Opportunity" Education Tax Credit. The bill would provide financial assistance for individuals seeking a college education. For 2009 and 2010, the bill would provide taxpayers with a new tax credit of up to $2,500 of the cost of tuition and related expenses paid during the taxable year. Taxpayers will receive a credit based on 100% of the first $2,000 of tuition and related expenses (including books) paid during the year and 25% of the next $2,000 of tuition and expenses paid during the year. Forty percent of the credit would be refundable. This tax credit will be subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly). $13,907,000,000

Computers as Qualified Education Expenses in 529 Education Plans. Section 529 Education Plans are tax-advantaged savings plans that cover all qualified education expenses, including: tuition, room & board, mandatory fees and books. The bill counts computers and computer technology as qualified education expenses. $6,000,000

Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10% of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after Jan. 1, 2009, increases the maximum value of the credit to $8,000 and removes the prohibition on financing by mortgage revenue bonds and extends the availability of the credit for homes purchased before Dec. 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase. $6,638,000,000

Sales Tax Deduction for Vehicle Purchases. The bill provides all taxpayers with a deduction for state and local sales and excise taxes on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return). $1,684,000,000

Temporary Suspension of Taxation of Unemployment Benefits. Under current law, all federal unemployment benefits are subject to taxation. The average unemployment benefit is about $300 per month. The proposal temporarily suspends federal income tax on the first $2,400 of unemployment benefits per recipient. Any unemployment benefits over $2,400 will be subject to federal income tax. This proposal is in effect for 2009. $4,740,000,000

Extension of Alternative Minimum Tax Relief for 2009. The bill would provide more than 26 million families with tax relief in 2009 by extending AMT relief for nonrefundable personal credits and increasing the AMT exemption amountto $70,950 for joint filers and $46,700 for individuals. $69,759,000,000

Tax Incentives for Businesses $6,150,000,000

Extension of Bonus Depreciation. Businesses are allowed to recover the cost of capital expenditures over time according to a depreciation schedule. Last year, Congress temporarily allowed businesses to recover the costs of capital expenditures made in 2008 faster than the ordinary depreciation schedule would allow by permitting these businesses to immediately write-off 50% of the cost of depreciable property (e.g., equipment, tractors, wind turbines, solar panels and computers) acquired in 2008 for use in the United States. The bill would extend this temporary benefit for capital expenditures incurred in 2009. $5,074,000,000

Election to Accelerate Recognition of Historic AMT/R&D Credits. Last year, Congress temporarily allowed businesses to accelerate the recognition of a portion of their historic alternative minimum tax or research and development credits in lieu of bonus depreciation. The amount that taxpayers may accelerate is calculated based on the amount that each taxpayer invests in property that would otherwise qualify for bonus depreciation. This amount is capped at 6% of historic AMT and R&D credits or $30 million, whichever is less. The bill would extend this temporary benefit through 2009. $805,000,000

Extension of Enhanced Small Business Expensing. To help small businesses quickly recover the cost of certain capital expenses, small business taxpayers may elect to write-off the cost of these expenses in the year of acquisition in lieu of recovering these costs over time through depreciation. Until the end of 2010, small business taxpayers are allowed to write-off up to $125,000 (indexed for inflation) of capital expenditures subject to a phase-out once capital expenditures exceed $500,000 (indexed for inflation). Last year, Congress temporarily increased the amount that small businesses could write-off for capital expenditures incurred in 2008 to $250,000 and increased the phase-out threshold for 2008 to $800,000. The bill would extend these temporary increases for capital expenditures incurred in 2009. $41,000,000

5-Year Carryback of Net Operating Losses for Small Businesses. Under current law, net operating losses ("NOLs") may be carried back to the two taxable years before the year that the loss arises (the "NOL carryback period") and carried forward to each of the succeeding 20 years after the year that the loss arises. For 2008, the bill would extend the maximum NOL carryback period from two years to five years for small businesses with gross receipts of $15 million or less. $947,000,000

Delayed Recognition of Certain Cancellation of Debt Income. Under current law, a taxpayer generally has income where the taxpayer cancels or repurchases its debt for an amount less than its adjusted issue price. The amount of cancellation of debt income ("CODI") is the excess of the old debt's adjusted issue price over the repurchase price. Certain businesses will be allowed to recognize CODI over 10 years (defer tax on CODI for the first four or five years and recognize this income ratably over the following five years) for specified types of business debt repurchased by the business after Dec. 31, 2008 and before Jan. 1, 2011. $1,622,000,000

Incentives to Hire Unemployed Veterans and Disconnected Youth. Under current law, businesses are allowed to claim a work opportunity tax credit equal to 40% of the first $6,000 of wages paid to employees of one of nine targeted groups. The bill would create two new targeted groups of prospective employees: unemployed veterans and disconnected youth. An individual would qualify as an unemployed veteran if they were discharged or released from active duty from the Armed Forces during the five-year period prior to hiring and received unemployment compensation for more than four weeks during the year before being hired. An individual qualifies as a disconnected youth if they are between the ages of 16 and 25 and have not been regularly employed or attended school in the past 6 months. $231,000,000

Small Business Capital Gains. Current law provides a 50% exclusion for the gain from the sale of certain small business stock held for more than five years. The amount of gain eligible for the exclusion is limited to 10 times the taxpayer's basis in the stock or $10 million gain from stock in that small business corporation, whichever is greater. This provision is limited to individual investments and not the investments of a corporation. The non-excluded portion is taxed at ordinary income rates or 28%, whichever is less, instead of the lower capital gains rates for individuals. The provision allows a 75% exclusion for individuals on the gain from the sale of certain small business stock held for more than five years. This change is for stock issued after the date of enactment and before Jan. 1, 2011. $829,000,000

Temporary Small Business Estimated Tax Payment Relief. The bill reduces the 2009 required estimated tax payments for certain small businesses. $0

Temporary Reduction of S Corporation Built-In Gains Holding Period from 10 Years to 7 Years. Under current law, if a taxable corporation converts into an S corporation, the conversion is not a taxable event. However, following such a conversion, an S corporation must hold its assets for 10 years to avoid a tax on any built-in gains that existed at the time of the conversion. The bill would temporarily reduce this holding period from 10 years to seven years for sales occurring in 2009 and 2010. $415,000,000

Repeal of Treasury Section 382 Notice. Last year, the Treasury issued Notice 2008-83, which liberalized rules in the tax code that are intended to prevent taxpayers that acquire companies from claiming losses that were incurred by the acquired company prior to the taxpayer's ownership of the company. The bill would repeal this notice prospectively. -$6,977,000,000

Treatment of Certain Ownership Changes. The bill would clarify the application of section 382 to certain companies restructuring pursuant to the Emergency Economic Stabilization Act of 2008. $3,163,000,000

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