was signed into law by President Obama on February 17th, 2009. It is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
Implementing the Recovery Act:
Treasury's Role
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The Department of the Treasury has significant responsibilities related to the Recovery Act – these initiatives involve tax changes that will affect almost all Americans, and will deliver an estimated $150 billion of direct relief to Americans and their families. Read more
To achieve the above, the department was also allocated the following administrative budget:
- IRS Health Insurance Tax Credit Administration: $80M
- Treasury Inspector General for Tax Administration: $7M
- Community Development Financial Institutions: $2M
- Financial Management Service: $7M
- Internal Revenue Service: $124M
Your Treasury Dollars at Work:
Making Progress, Making Headlines
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March 16, 2009 – Helping Small Business
The Internal Revenue Service announced that small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years. Read more
Department of Treasury Recovery Plans, Recovery Program Reports, and other agency- and program-specific reports required by the Recovery Act will be posted on this site as they become available.
Last Updated:
March 17, 2009
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