Late last week, both the House and Senate approved the final stimulus package. There are some provisions in it that will affect Missouri families.

In 2009 and 2010, there is a tax credit of up to $400 for individuals and $800 for married couples filing their taxes jointly. The credit begins to phase out if you’re an individual with an adjusted gross income over $75,000 or a couple with income higher than $150,000.

It provides a one-time payment of $250 to Social Security beneficiaries, railroad retirees and veterans receiving benefits from the Veterans Affairs department. Any state government retirees not eligible for Social Security would also get a one-time $250 payment.

The maximum Pell Grant will increase by $500, to $5,350 in 2009 and $5,550 in 2010. A new higher education tax credit will cover up to $2,500 of the cost of college tuition and other related expenses in 2009 and 2010.

For the rest of 2009, you’ll be able to deduct the state and local sales and excise taxes you pay on the purchase of a new car, light truck, recreational vehicle or motorcycle. However, the credit phases out based on income.

First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.

I am concerned with whether this package will do enough to create jobs. That’s why I will continue to fight for common sense solutions that make America the best place in the world to start a business.

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