Recovery Plan Associates Highlights of Compromise House Senate Bill 2/12/09 |
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| Spending Support for the poor and unemployed: 40 billion to extend unemployment benefits through Dec. 31, 20 billion for food stamp increases (14 percent) 4 billion for job training. 3 billion in temporary welfare payments. Direct payments: 14 billion one time 250 Dollar payments to Social Security recipients, the "poor" as they put it , SSI and veterans. Infrastructure investment: 27 billion for highway and bridge construction and repair; 8.4 billion mass transit; =4 billion for public housing improvements; 6.4 billion for clean and drinking water projects; 7 billion to upgrade broadband undeserved areas. Health care: 21 billion to provide 60% COBRA 87 billion states Medicaid; 19 billion modernize health info technology 10 billion health research and construction of National Institutes Health facilities. (interesting) State block grants: 8 billion in aid to states to defray budget cuts. Energy: 5 billion to weatherize modest-income homes; 6.4 billion clean up nuclear sites 11 billion smart grid 13.9 billion to subsidize loans for renewable energy projects; 6.3 billion state clean energy grants; 4.5 billion federal building efficiency. Education: $47 billion state fiscal relief modernization and repair; $25 billion to districts special education and the No Child Left Behind law for K-12; $17 billion boost max Pell Grant by $500 to $5,350; $2 billion to Head Start. Science: $3 billion National Science Foundation science and engineering research; $1 billion NASA; $1.6 billion for research climate , bio fuels, high energy physics / nuclear physics. Homeland security: $2.8 bill. includes $1 billion for airport screening equipment. Law enforcement:
$4 billion in grants to state and local law enforcement to hire officers
and purchase equipment. New tax credit: Around $115 billion for a $400/worker, $800 /couple tax credit in 2009,2010. For the last half of 2009, workers could expect to see perhaps $13 a week less withheld from their paychecks starting around June. Millions of Americans who don’t make enough money to pay federal income taxes could file returns next year and receive checks. Individuals making more than $75,000 and couples making more than $150,000 would receive reduced amounts. Alternative minimum tax: About $70 billion to spare about 24 million taxpayers from being hit with the alternative minimum tax in 2009. The change would save a family of four an average of $2,300. The tax was designed to make sure wealthy taxpayers can’t use credits and deductions to avoid paying any taxes. But it was never indexed to inflation, so families making as little as $45,000 could get significant increases without the change. Congress addresses it each year, usually in the fall. Expanding the college credit: About $13 billion to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000. Renewable energy incentives: $20 billion in tax incentives for renewable energy and energy efficiency over 10 years, including: extending tax credits for wind, geothermal, hydropower landfill gas; grants to build renewable energy facilities; tax credits for purchases of efficient furnaces, windows and doors, insulation; tax credit for families that purchase plugtype hybrid vehicles. Home buyer credit: $8,000 first time home buyer tax credit unless the home is sold within three years. Depreciation acceleration: $5 billion to extend a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009. Auto sales: $2.5 billion makes state sales tax on paid on new car purchases tax deductible. Visit recovery.gov and for the state site recovery.nj.gov for more information
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