BOREN BACKS BIPARTISAN ECONOMIC STIMULUS PLAN
U.S. Congressman Dan Boren today joined a bipartisan majority in the House of Representatives in support of H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act. The legislation will help stimulate the economy by providing tax rebates to 1.3 millionhouseholds in Oklahoma. Congress is determined to act quickly, so that families could receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.
"Families in the Second District are struggling just to make ends meet, and the economic downturn is only making things worse," said Boren. "I'm proud to have crafted a bipartisan plan that will give the economy a much-needed boost, and deliver to families the relief they need right now."
The bill passed today provides a recovery rebate to 117 million families nationwide, including 35 million families who work but make too little to pay income taxes. The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. The bill is estimated to provide an average tax rebate of $923 to Oklahoma families, save them a total of $1.2 billion across the state.
The legislation also includes tax cuts for small businesses. The plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment. Additionally, the bill offers 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.
"Small businesses power our local economy and drive job creation," said Boren. "This bill gives small businesses in Eastern Oklahoma incentives to expand their operations, hire new workers, and help our economy get back on track."
The legislation also includes 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. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac.
The measure passed the House by a vote of 335 yeas to 35 nays and now awaits consideration by the Senate.