October of 2008 will go down in history as one of the most tumultuous economic periods in American history. On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008 (the "EESA"). The EESA contains the legislation directed at rescuing financial markets, which legislation is commonly referred to as the "Troubled Asset Relief Program," or "TARP."
In order to gain political support for passage of the relief legislation after a failed first attempt, the EESA contains approximately $150 billion in tax incentives and represents one of the most significant pieces of tax legislation of this decade.
Click to read highlight on certain of the major tax provisions contained in the EESA.