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Bipartisan Economic Stimulus Plan Signed Into Law |
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Marion Reed
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Friday, 22 February 2008 |
 WASHINGTON, D.C. - U.S. Representative Michael A. Arcuri (D-Utica) praised the enactment of a bipartisan economic stimulus plan after President Bush signed the Recovery Rebates and Economic Stimulus for the American People Act into law this afternoon, providing 8.3 million New York families with tax rebates of up to $1,200 per couple, plus $300 per child as early as mid-May.
"Democrats, Republicans and the President worked together to deliver critical relief for families in Upstate New York as quickly as possible," Arcuri said. "Families across New York have been hit hard by recent economic uncertainly and had their quality of life jeopardized by rising energy prices and increasing costs for food and necessities. The plan signed into law today will provide our economy a much-needed boost, create jobs and make it easier for local families to make ends meet."
More than 130 million American families will receive a tax rebate. The
plan will also provide recovery rebate checks to 28 million households
of senior citizens and disabled veterans nationwide.
For
individuals who paid federal income taxes in 2007, this plan will
provide tax rebates of up to $600 per individual and $1,200 per married
couple. In general, single filers (and married filers filing
separately) would receive a tax rebate equal to the lesser of $600 or
their net income tax liability. Each rebate would be increased by $300
for every child under the age of 17. Americans with qualified income of
least $3,000 in 2007 would get at least $300 per individual and $600
per couple, plus the same child tax credit of $300. "Qualified income"
includes: earned Income (income from which payroll taxes were
withheld); self-employment income; Social Security benefits; and
benefits received by disabled veterans and their survivors.
The
Recovery Rebates and Economic Stimulus for the American People Act will
provide an estimated average tax rebate of $807 to New York families,
totaling nearly $6.7 billion across the state.
The bipartisan legislation also includes:
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tax cuts for small businesses, doubling the amount small businesses
can immediately write off their taxes for capital investments, and
encouraging investments in new equipment;
· immediate tax
relief for all businesses that invest in new plants and equipment by
speeding up depreciation provisions, so that firms can write off an
additional 50 percent for investments purchased in 2008.
By
getting money into the hands of America's families and small
businesses, the plan is expected to add 500,000 jobs to the economy.
"Small
businesses are the backbone of our economy - creating jobs and
investing in local communities," Arcuri said. "I will continue to work
with colleagues in Congress to make critical long term investments to
rebuild our aging infrastructure and invest in alternative energy,
education and new technologies that will help make Upstate businesses
leaders in the global marketplace."
Importantly, the bipartisan
plan also includes provisions to help families avoid losing their homes
to foreclosure. The bill expands affordable mortgage loan opportunities
for families at risk of foreclosure through the Federal Housing
Administration. To enhance credit availability in the mortgage market,
the measure also includes a one-year increase in the loan limits for
single family homes from Fannie Mae and Freddie Mac.
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