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Transcript: Tax help from the bailout bill

Anchor Intro: There's been a lot of news coverage about the recent $700 billion bailout bill, especially the earmarks that were attached -- things like a special tax credit for wooden arrow manufacturers, rum producers and racetrack builders. But the new law also provides some tax help for the average taxpayer as well. Bankrate.com shows you how much you'll get.

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Voice over 1: The $700 billion bailout bill -- the jury's still out on whether it works, but the idea is to provide relief to a banking system so overtaxed it was about to collapse.

Voice over 2: But this massive bill also has lots of other stuff, provisions that will definitely work to make your life less taxing.

Voice over 3: Example? Shelter from the Alternative Minimum Tax. The bailout bill includes a one-year patch that could keep up to 23 million middle-class Americans from paying the AMT this year.

Voice over 4: There's also an extension of a law that makes forgiven mortgage debt non-taxable -- good news for those facing foreclosure.

Voice over 5: The ability to deduct tuition and fees, worth up to four grand, expired in '07. Now it's back, courtesy of the bailout bill.

Voice over 6: As is the sales tax deduction -- most useful for those who don't pay state income taxes.

Voice over 7: And there's a credit of up to $500 for making your home more energy efficient, however, not for this year: That starts in 2009.

Standup: So while the fat cats may be the big beneficiaries of bailout bill, it's nice to know we little guys are at least getting a break or two. For Bankrate.com, I'm Kristin Arnold.

Bankrate.com's corrections policy
-- Posted: Dec. 31, 2008
 
 
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