[Nfbf-l] highlights of compromise economic stimulus plan

[Sherrill O'Brien]

Hello all,

I was glad to see this summary of the economic stimulus plan, and wanted to
send it to the list, since it will be important for all of us.  At least
there are some monies allocated for mass transit, high speed rail, and
amtrak.

Sherrill

Highlights of compromise economic stimulus plan
 The Associated Press
Posted Feb 11, 2009 @ 09:45 PM


WASHINGTON, D.C. — Highlights of a nearly $789 billion compromise version of
President Barack Obama’s economic recovery plan agreed to by Democrats and
moderate Senate Republicans. Additional debt costs would add about $330
billion
over 10 years. Many provisions expire in two years.

Spending

AID TO POOR AND UNEMPLOYED
$40 billion to provide extended unemployment benefits through Dec. 31, and
increase them by $25 a week; $20 billion to increase food stamp benefits by
14
percent; $3 billion in temporary welfare payments.

DIRECT CASH PAYMENTS
$14 billion to give one-time $250 payments to Social Security recipients,
poor
people on Supplemental Security Income, and veterans receiving disability
and
pensions.

INFRASTRUCTURE
$46 billion for transportation projects, including $27 billion for highway
and
bridge construction and repair; $8.4 billion for mass transit; $8 billion
for
construction of high-speed railways and $1.3 billion for Amtrak; $4.6
billion
for the Army Corps of Engineers; $4 billion for public housing improvements;
$6.4 billion for clean and drinking water projects; $7 billion to bring
broadband Internet service to underserved areas.

HEALTH CARE
$21 billion to provide a 60 percent subsidy of health care insurance
premiums
for the unemployed under the COBRA program; $87 billion to help states with
Medicaid; $19 billion to modernize health information technology systems;
$10
billion for health research and construction of National Institutes of
Health
facilities.

STATE BLOCK GRANTS
$8 billion in aid to states to defray budget cuts.

ENERGY
About $50 billion for energy programs, focused chiefly on efficiency and
renewable energy, including $5 billion to weatherize modest-income homes;
$6.4
billion to clean up nuclear weapons production sites; $11 billion toward a
so-called “smart electricity grid” to reduce waste; $13.9 billion to
subsidize
loans for renewable energy projects; $6.3 billion in state energy efficiency
and
clean energy grants; and $4.5 billion make federal buildings more energy
efficient.

EDUCATION
$47 billion in state fiscal relief to prevent cuts in state aid to school
districts, with great flexibility to use the funds for school modernization
and
repair; $26 billion to school districts to fund special education and the No
Child Left Behind law for students in K-12; $17 billion to boost the maximum
Pell Grant by $500 to $5,350; $2 billion for Head Start.

HOMELAND SECURITY
$2.8 billion for homeland security programs, including $1 billion for
airport
screening equipment.

LAW ENFORCEMENT
$4 billion in grants to state and local law enforcement to hire officers and
purchase equipment.

Taxes

NEW TAX CREDIT
Approximately $115 billion for a $400 per-worker, $800 per-couple tax
credits in
2009 and 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.

EXPANDED 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.

HOMEBUYER CREDIT
$3.7 billion to repeal a requirement that a $8,000 first-time home buyer tax
credit be paid back over time for homes purchased from Jan. 1 to August 31,
unless the home is sold within three years.

BONUS DEPRECIATION
$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 to makes sales tax on paid on new car purchases tax deductible.