American Recovery and Reinvestment Act of 2009
- American Recovery and Reinvestment Act of 2009
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Also known as the Stimulus Package or Recovery Act, a federal law intended to jumpstart the struggling economy by creating new jobs and saving existing ones, spurring investment, and fostering accountability and transparency in government spending. The package contained extensive funding for science, engineering research, and infrastructure, and smaller amounts for education, social sciences, and the arts. The Act has its own website, www.recovery.gov.
Category: Personal Finance & Retirement → Taxes → Personal Income Taxes
Nolo’s Plain-English Law Dictionary.
Gerald N. Hill, Kathleen Thompson Hill.
2009.
- American Recovery and Reinvestment Act of 2009
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USA
American Recovery and Reinvestment Act of 2009 (ARRA)
Also known as the Stimulus Bill (Pub. L. 111-5). A statute signed into law on February 17, 2009 to provide, among other purposes, a broad-based economic stimulus to the economy to encourage economic recovery. The ARRA contains new spending and tax reductions for individuals and businesses estimated to cost $787.2 billion over ten years (2009 to 2019).
For more information on the ARRA, including the text of the legislation and a summary of its provisions, as well as other government bailout programs implemented in response to the financial crisis, see Practice Note, Government Bailout Programs (www.practicallaw.com/8-384-3367).
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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