The Emergency Economic Stabilization Act of 2008, commonly referred to as the 'bailout' or 'rescue' bill of the U.S. financial system, is a law authorizing the United States Secretary of the Treasury to spend up to $700 billion to purchase distressed assets from the nation's banks. The act is aimed at providing stability to and preventing disruption of the economy and financial system, and protecting taxpayers.
What this could mean for you and your savings: the new act contains many provisions which will offer tax breaks to individuals and businesses. Provisions include:
Extension of mortgage forgiveness
Application of tax relief to certain disaster areas
Tax credit for electric vehicles
Extension of deduction for state and local taxes
Deduction for teacher's classroom expenses
Read more information on the EmergencyEconomic Stabilization Act of 2008.
Visit www.FeedthePig.org for more money-saving tips.
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