For the most part, Americans earning less than $200,000 a year figure to get a tax break once Congress puts the finishing touches on the stimulus package.
Many workers would get a little more in their paychecks. Homebuyers are likely to get a credit worth thousands of dollars. Laid-off workers would get help with their health insurance. And parents could be in line for a bigger refund.
Having passed versions of the measure in both the House and Senate, lawmakers now must work out the differences and come up with a compromise bill to send to President Barack Obama. But each version has similarities when it comes to tax relief for most Americans.
"Both bills are heavily tilted to individual tax breaks," said Ray Beeman, a tax partner with Venable LLP in Washington.
Looking at areas where there is agreement, here are some tax breaks you will probably see in the final legislation:
Making Work Pay credit: The bulk of the individual tax cuts - more than $139 billion worth - goes to this credit that Obama campaigned on.
The credit, worth up to $500 per worker, essentially would offset some of the Social Security payroll taxes that Americans pay this year and next. Employers would still have to kick in their share.
Under the House version, you could choose to receive the credit through your paycheck or wait to claim it on your tax return, said Mark Luscombe, principal analyst with CCH Inc., an Illinois provider of tax information.
The House plan is more generous. It would more gradually phase out the credit, starting once adjusted gross income exceeded $75,000 for singles or $150,000 for married joint filers. The Senate would start phasing it out after income topped $70,000 for individuals and $140,000 for joint filers.
Homebuyer credit: Both chambers are trying to spur home sales with a tax credit worth thousands of dollars for homebuyers.
The House credit is worth up to $7,500 for first-time homebuyers who purchase during the first six months of this year.
The Senate credit is worth up to $15,000 for a principal residence purchased within a year of the bill's passage. It is not limited to first-time buyers.
Both bills require that the credit be repaid if the house is sold within a certain number of years.
Expanded child credit: Parents, within certain income limits, now receive a $1,000 credit for each young child. If parents owe little or no taxes, they can receive a portion of the credit as a tax refund.
