WORKER, HOMEOWNERSHIP AND BUSINESS ASSISTANCE ACT OF 2009 SIGNED INTO LAW

On November 6, 2009, President Obama signed into law H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009.

The new law includes an important new net operating loss (NOL) provision, plus a number of other changes, such as an extension of the FUTA surtax, a delay in the application of worldwide allocation of interest, expansion of electronic filing by return preparers, modified failure to file penalties for passthroughs, and modified estimated tax payments in 2014 for large corporations.

The new law also gives a new lease on life to the first-time homebuyer tax credit and makes many modifications to the credit, including a change allowing the credit to be claimed by existing homeowners who are "long time residents." It also liberalizes the homebuyer tax credit rules for service members and makes clarifying changes for certain allowances paid to military members.

I hope this information is helpful.

Please contact the Law Offices of William H. Copperthwaite Jr., L.L.C. if you have any questions.

Please note that the information contained in this summary is intended for informational purposes only and is not to be considered tax/legal advice. For specific advice, please contact the Law Offices of William H. Copperthwaite Jr., L.L.C.