The Stimulus Bill: How do you Benefit?
Not just businesses will benefit from the American Recovery and Reinvestment Act recently signed by the President. Here are some examples of help that individuals can qualify for under the new stimulus bill.

• First-time home buyers: purchase a primary residence between January 1, 2009 and December 1, 2009, and claim a tax credit worth up to $8,000, subject to income limitations. This credit does not need to be repaid as long as the home is your personal residence for at least three years.
  
  
• Car buyers: purchase a new car in 2009, and deduct the sales tax on your federal tax return for the first $49,500 of the vehicle’s price—again, subject to income limitations. (Combine that with the GHCU Hybrid Drive program, which can reduce your loan rate on select hybrid vehicles.)
  
  
• On COBRA: if you are subject to an involuntary layoff between September 1, 2008 and December 31, 2009, you can receive government subsidy for health insurance coverage under COBRA for up to nine months.
  
  
• College students: American Opportunity tax credit provides credit up to $2,500 for college tuition and expenses, subject to income limitations.
  
  
• Homeowners: You can receive tax credits for 30% of the cost when making energy efficient improvements or installing alternative energy equipment. (Take a look at the GHCU “Green” home equity line of credit for even more benefits when you choose energy efficient appliances and fixtures!)

With so many different tax credits built into the bill, there’s something for nearly everyone. So give yourself a break—you’ve earned it! For more information, visit the IRS Information page.