President Obama Feb. 17 signed into law $301 billion worth of tax cuts, part of a $787 billion bill to help lift the economy out of recession.

The American Recovery and Reinvestment Act (P.L. 111-5) features a wide variety of tax cuts for individuals and businesses, including tax-advantaged bonds to help encourage investments in school construction, renewable energy projects, and other infrastructure projects.

“Economists from across the spectrum have warned that failure to act quickly would lead to the disappearance of millions of more jobs, and national unemployment rates that could be in the double digits,” President Obama said at a bill-signing ceremony in Denver. “No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time.  However, with this act we begin the process of restoring the economy and making America a stronger and more prosperous nation.”

Recipients of the child tax credit will gain additional money under the law, which raises the refundable portion of the credit to 15% of taxpayer's earned income; for 2009 and 2010, the threshold is dropped from $12,550 to $3,000.

Lawmakers also modified the earned income tax credit to boost the credit from 40% to 45% of a household's first $12,570 in earned income for families with three or more children, and would increase the beginning point of the phase-out range for all married couples filing a joint return by $1,880.

For the entire list of amendments and more details:

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