Joins Ways and Means Democrats in Passing Stimulus Package
Congresswoman Shelley Berkley today joined Ways and Means Democrats in approving a package of provisions that will be folded into a broad economic stimulus now being debated in Congress. The legislation, H.R. 598, passed the Committee 24 to 13.
"The energy provisions in this bill will give geothermal and other renewable energy projects planned in Nevada the push they need to get underway and start creating new, well compensated green collar jobs. Our package also extends the tax credit for energy-efficiency improvements to existing homes through 2010. This will create new employment opportunities while also conserving energy and reducing greenhouse gas emissions," said Berkley. "The Making Work Pay' tax credit will deliver tax savings of up to $500 per individual or $1,000 per married couple over the course of a year. This provision will help nearly 950,000 Nevada taxpayers at a time when working families are struggling just to cover the basics like food, rent and gas."
The legislation will now be combined with other components of the recovery package from other House Committees into H.R. 1, The American Recovery and Reinvestment Act, for consideration by the full House of Representatives next week.
Critical Benefits to Families, Businesses, Incentives to Create New, Green Jobs:
The Plan, as passed by the Committee, will provide critical tax relief to working families and assistance with healthcare costs as well as extended and enhanced unemployment benefits for those who have lost their jobs during the economic downturn. In particular, the plan would help create new, green jobs by making a critical investment in renewable energy and energy efficiency.
The "Making Work Pay" tax credit would cut taxes for more than 95% of working families in the United States. For 2009 and 2010, the bill would provide a refundable tax credit of up to $500 for working individuals and $1,000 for working families. Taxpayers can receive this benefit through a reduction in the amount of income tax that is withheld from their paychecks, or through claiming the credit on their tax returns. The credit would phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly).
Important Health Benefits, Improvements to Care:
The Plan would also provide payment incentives to encourage the widespread adoption of Health Information Technology (HIT) and establish standards for interoperability and privacy. The investment in HIT is a critical step toward modernizing American healthcare, cutting red tape, eliminating redundant care and reducing health insurance premiums for millions.
Finally, the Plan would provide temporary subsidies to help families who have lost their jobs maintain their healthcare coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). This benefit will be of tremendous assistance to families struggling to find new work and maintain economic security during the downturn.