Gillibrand Announces Economic Stimulus Package Signed
Press Release
Gillibrand Announces Economic Stimulus Package Signed
Over 8.3 million New York families will receive a rebate
Washington, D.C. - Today, local Congresswoman Kirsten Gillibrand announced that President Bush has signed into law, the Recovery Rebate and Economic Stimulus for the American People Act [H.R. 5140], legislation that will provide rebate checks to over 8.3 million middle class New York families. H.R. 5140 also provides targeted small business tax cuts to create jobs and measures to help stem the mortgage crisis.
"I am pleased that Congress and the President were able to quickly pass a bipartisan plan that will provide real relief to Upstate New York's families," said Congresswoman Gillibrand. "The plan signed into law today will boost our economy, create jobs and make it easier for families to make ends meet."
Rebate checks will be sent to working families as early as May, and families will receive up to $1,200 per couple, plus $300 per child. The plan also provides recovery rebate checks to 28 million households with senior citizens or disabled veterans. 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.
The legislation also includes tax cuts for small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments made in 2008 from $125,000 to $250,000, for purchases of new equipment of up to $800,000 (up from $500,000). Earlier this month, Congresswoman Gillibrand sponsored the GROW Act [H.R. 5107], which contained this specific small business tax cut. Additionally, H.R. 5140 provides immediate tax relief for all businesses to 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.
In addition, the Recovery Rebates and Economic Stimulus for the American People Act will include 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, and enhances credit availability in the mortgage market by increasing the loan limits for Fannie Mae and Freddie Mac.
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