Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

Section 24.—Child Tax Credit

The Service provides statutory changes to the inflation adjustments for the value used in determining the amount of the credit that may be refundable for taxable years beginning in 2008 and 2009. See Rev. Proc. 2009-21, page 860.

Section 25A.—Hope and Lifetime Learning Credits

For taxable years beginning in 2009, the Service provides statutory changes to the inflation adjustments for the amounts of qualified tuition and related expenses that are taken into account in determining the amount of the Hope Scholarship Credit, and for the amount of a taxpayer’s modified adjusted gross income that is taken into account in determining the

reduction in the amount of the Hope Scholarship Credit otherwise available. See Rev. Proc. 2009-21, page 860.

Section 32.—Earned Income

The Service provides statutory changes to the inflation adjustments to the limitations on the earned income credit for taxable years beginning in 2009. See Rev. Proc. 2009-21, page 860.

Section 132.—Certain Fringe Benefits

The Service provides statutory changes to the inflation adjustments to the limitations on the exclusion of income for certain qualified transportation fringe

benefits for taxable years beginning in 2009. See Rev. Proc. 2009-21, page 860.

Section 179.—Election to Expense Certain Depreciable Business Assets

The Service provides statutory changes to the inflation adjustments to the aggregate cost of section 179 property that a taxpayer may elect to treat as an expense for taxable years beginning in 2009. See Rev. Proc. 2009-21, page 860.

2009–16 I.R.B. 801 April 20, 2009