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Thursday, January 31, 2008
Senate Finance Committee Passes Economic Stimulus Package
By a vote of 14-7, the Senate Finance Committee passed its version of a package of a set of measures designed to stave off a possible recession. The bill's $157 billion total is about $10 billion more than a House economic stimulus bill passed last week. The key elements of the Senate bill include:
- An extension of unemployment insurance benefits; depending on a state's unemployment rate, those benefits could continue for up to 13 weeks beyond the current 26 week limit
- A flat $500 tax rebate for individuals and $1000 for couples plus $300 per child
- Rebates are limited to individuals earning less than $150,000 per year and $300,000 for couples
- To qualify for the rebate, workers must have earned $3,000 in 2007. Unlike the House bill, the Senate bill counts Social Security income toward this $3,000 requirement
- About $6 billion in tax breaks for renewable energy production
- It allows businesses to apply losses from up to 5 years prior to 2008 to 2006 and 2007 profits
- A smattering other business tax breaks
Posted by Craig Jennings
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