The American Recover and Reinvestment Act of 2009, commonly known as Obama’s stimulus package, was signed into law in February of last year. The specific programs, tax cuts, and rebates detailed therein were supposed to span the years of 2009 and 2010, so it is still technically in effect. However, some of the specifics were only valid in the year of 2009, such as the First-Time Homebuyer’s Credit and the New Car Sales Tax Deduction. Still, the 10% tax credit for energy-saving home improvements has been both extended through 2010 and bumped up to 30%. The reduction in tax withholdings on paychecks is still in effect for 2010, but the amount of the reduction lessens.
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