REP. ANDREWS BACKS BIPARTISAN ECONOMIC STIMULUS PLAN
Legislation Will Offer Tax Rebates for Families Across the Country
I am happy to announce that this week I joined an overwhelming bipartisan majority in the House of Representatives in support of the Recovery Rebates and Economic Stimulus for the American People Act. The legislation will help stimulate the economy, providing tax rebates to millions households throughout the country. 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 First Congressional District are struggling just to make ends meet, and the economic downturn is only making things worse. I'm proud that both Congress and the Bush Administration worked together to craft a plan that will give the economy a much-needed boost, and deliver to families the relief they need right now.
The bill passed provides a recovery rebate to 117 million families, including 35 million families who work but make too little to pay income taxes and 13 million senior citizens. 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 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, and encourages investments in new equipment. Additionally, the plan 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 economy in New Jersey. Our bipartisan bill gives these businesses incentive to expand their operations, hire new workers and help our economy get back on track.
Importantly, the bipartisan plan 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. This is an important piece of legislation that will help our economy get back on track, and thus I applaud the Congress and the President for passing this much needed legislation.