Rep. Gillibrand Votes for Tax Rebates

Press Release

Rep. Gillibrand Votes for Tax Rebates

Legislation will be signed into law by the President within days; tax rebates expected by early summer

Today, local Congresswoman Kirsten Gillibrand voted in favor of the Economic Stimulus Act of 2008 [H.R. 5140], the joint House-Senate Economic Stimulus Package. This bill will be sent to the President and is expected to be signed into law within days. The Economic Stimulus Act of 2008 will provide all working, middle class families with a tax rebate.

This package will benefit more than 130 million American families. Couples will receive up to $1,200, plus $300 for each child. This bill is more comprehensive than the original House passed bill, because it will provide 20 million seniors living solely on Social Security and 250,000 disabled veterans with stimulus checks. Rebate checks could be sent as early as mid-May.

"This Economic Stimulus package accomplishes the goal of boosting our economy by putting more money back into the hands of hardworking families. I strongly support the Senate's additions to bill, and I look forward to the President signing the bill," Congresswoman Gillibrand said.

Earlier this week, Congresswoman Gillibrand sponsored the Immediate Financial Assistance for America's Seniors Act [H.R. 5172], which would ensure that all Social Security-dependent seniors receive a tax rebate in the pending Economic Stimulus Package. In the previous bill, social security benefits were not defined as earned income, which is necessary in order to qualify for a rebate.

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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