Other Individual Tax Breaks
Date:
February 17, 2009
Who:
IRS
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$72.00 billion
Amount Spent:
$53.50 billion
Deficit Impact:
$72.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
| Other Individual Tax Breaks (in millions of dollars) | ||||||||||||
| Year | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2009-2019 |
| Health Insurance Assistance | 14,302 | 9,206 | 1,493 | 67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25,069 |
| EITC Increase | 23 | 2,349 | 2,291 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,663 |
| Child Tax Credit Expansion | 0 | 7,489 | 7,342 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,830 |
| American Opportunity Tax Credit | 791 | 4,425 | 5,040 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10,256 |
| Make 40% of the allowable American Opportunity Tax Credit refundable | 331 | 1,725 | 1,595 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,651 |
| Temporarily allow computer technology and equipment as a qualified higher education expense for qualified tuition programs for 2009 and 2010 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 |
| Extension of first-time homebuyer credit | 1,115 | 3,261 | -235 | -38 | 102 | 680 | 597 | 514 | 384 | 164 | 94 | 6,638 |
| Exclude up to $2,400 of unemployment insurance benefits from gross income for taxable year 2009 | 948 | 3,792 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,740 |
| Sales tax deduction for purchase | 424 | 1,269 | -9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,684 |
| Totals | 17,934 | 33,516 | 17,517 | 30 | 103 | 681 | 598 | 515 | 385 | 165 | 95 | 71,537 |
Notes:
Maximum amount is the peak cumulative cost of a provision over the period 2009-2019, though the provision may eventually cost less by 2019. Deficit impact is the final cost of a provision from 2009-2019. Amount spent reflects CRFB calculated continuations of disbursal rates since last reported on Recovery.gov in December 2010, and extrapolated to the present by CRFB staff.