<home> -- <press releases> -- <December 12, 2007>
FOR IMMEDIATE RELEASE—January 29, 2008– The House of Representatives today passed H.R. 5140, the “Recovery Rebates and Economic Stimulus for the American People Act of 2008,” by a bipartisan vote of 385 to 35. The legislation is the product of successful talks between President George W. Bush, Speaker Nancy Pelosi of California, Majority Leader Steny Hoyer of Maryland, and Republican Leader John Boehner of Ohio over how best to shape a package to stimulate the economy at this time and to provide immediate relief to working American families. If signed into law, families would receive tax rebates of up to $600 per individual, and $1,200 per couple, plus $300 per child. The provision which requires the federal government to offset this cost to U.S. Territories with “mirror tax codes” remained intact in the bill as passed, Congresswoman Bordallo said. The provision directs the Secretary of the Treasury to make payment to territories with mirror code tax systems the amount equal to the loss that would otherwise be incurred by the local treasury. This provision was inserted into the bill at the urging of Congresswoman Bordallo and her colleagues representing the other territories. They worked with Speaker Pelosi, Majority Leader Hoyer, and House Ways and Means Committee Chairman Charles Rangel over the pass few days as the details for the House version of the stimulus package was finalized. “The tax rebates called for under the bill passed today will help our families cope with the rising costs of living, and the safety provision for our local treasury eases our concerns over the payout of the rebates. The bill passed today says the federal government will cover the costs of the payout by our local treasuries,” Congresswoman Bordallo said. “Ultimately, this means our people will benefit from this economic stimulus package and contribute to economic growth.” H.R. 5140 also calls for tax cuts for our small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments. “Small businesses power 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. The bill now moves to the Senate. The Senate Finance Committee has begun developing its own version of an economic stimulus package. Congresswoman Bordallo continues to work with leaders in the Senate to ensure federal coverage of any rebates for the territories that may be a part of a final package sent to the President. ### Contact: Joseph E. Duenas in joseph.duenas@mail.house.gov or cathy.gault@mail.house.gov |
