Wynn Lauds House Passage of Economic Stimulus Proposal

Press Release

Wynn Lauds House Passage of Economic Stimulus Proposal

Supports Measure, but Says Senate Can Do More

Congressman Albert R. Wynn (MD-04) offered the following statement on the passage of the bipartisan economic stimulus package in the House of Representatives earlier today:

"I am extremely pleased that the House has been able to pass this economic stimulus package so quickly. It is a testament to what Congress can do when it works in a bipartisan manner. Americans are fearful about the state of the economy, and the House and Senate must allay those fears by moving this legislation to the President without delay."

Under the bill passed by the House, nearly 2.5 million Maryland residents will receive tax relief from the economic stimulus package, with rebates for average households expected around $870. Individuals are eligible for tax credits of at least $300, while couples qualify for at least $600. An additional $300 per child is also available for eligible families.

Maryland small businesses will also receive credits for capital investments - twice the amount they were eligible to receive in previous years. All businesses will be eligible to write off 50% of 2008 investments.

The package also strives to address some of the fallout from the unfolding mortgage crisis. Homeowners can expect FHA foreclosure relief and assistance, and buyers may receive help through additional one-year loan increase limits for the purchase of single family homes.

Wynn added: "While I applaud the package's tax rebates for working families and foreclosure relief, I believe more must be done on behalf of low-income and working-class people. I urge the Senate to work quickly to expand the package to include home energy assistance for low-income families and extend unemployment assistance for Americans struggling to find work."

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