Topic: Macroeconomics — General
Subject: Economics and public finance
Date: 2009-02-04 00:00:00

Strategic Targeted American Recovery and Transition Act - Designates: (1) each amount in this Act as an emergency requirement, necessary to meet certain emergency needs in accordance with the FY2008-FY2009 congressional budget resolutions; and (2) as an emergency for Pay-As-You-Go (PAYGO) principles. Establishes use-it-or-lose-it requirements for grantees. Requires them to enter into contracts or other binding commitments within one year after enactment of this Act, or within nine months after the grant is awarded, whichever is later, to make use of 100% of such funds. Requires agency recovery or deobligation and redistribution of uncommitted funds. Makes all funds appropriated by this Act available for obligation through FY2010, unless expressly provided otherwise. Makes additional appropriations to specified federal agency and departmental Offices of Inspector General. Appropriates additional amounts to the Government Accountability Office (GAO). Prohibits the use of funds for a project for the construction, alteration, maintenance, or repair of a public building or public work unless all of the iron and steel used in the project is domestic, except in certain circumstances. Requires publication on the website Recovery.gov of: (1) all federal agency plans for using funds made available in this Act; and (2) all federal, state, or local agency public notices regarding funds obligated to particular infrastructure investments. Prescribes review and reporting requirements for inspectors general of federal departments or executive agencies, the GAO, and the Chairman of the Council of Economic Advisers. Establishes the Recovery Act Accountability and Transparency Board to: (1) coordinate and conduct oversight of federal spending under this Act to prevent waste, fraud, and abuse; and (2) establish the Recovery.gov website. Places limitations on the length of certain noncompetitive contracts. Grants the Comptroller General and the Offices of Inspector General access to certain contractors' or subcontractors' records or employees. Prohibits reprisals against state and local government and contractor whistleblowers. Makes supplemental appropriations for FY2009 to: (1) the Department of Labor (DOL), Employment and Training Administration; (2) the Department of Education; and (3) the Department of Transportation (DOT). American Recovery and Reinvestment Tax Act of 2009 - Amends the Internal Revenue Code to increase: (1) to 45% the rate of the earned income tax credit in 2009 or 2010 for taxpayers with three or more qualifying children; (2) the threshold amount for the phase-out of such credit for married couples filing jointly; and (3) the refundable portion of the child tax credit in 2009 and 2010. Extends for one year the 50% bonus depreciation allowance for specified types of depreciable property and through 2009 the increased expensing allowance ($125,000) for depreciable business assets. Allows a work opportunity tax credit for unemployed veterans and disconnected youth (certain youth who are not regularly employed or attending school) hired in 2009 or 2010. Repeals the requirement that federal, state, and local governmental entities withhold 3% of payments to contractors who provide goods and services to such entities.