Economic Stimulus Signed Into Law
On February 13, 2008, President George W. Bush signed into law an economic stimulus package (H.R. 5140) intended to put money back into the economy and provide incentives for job creation. The bill was passed by a bipartisan vote of 81-16 in the Senate and 380-34 in the House.
H.R. 5140 will provide taxpayers with a tax rebate of up to $600 for individuals and $1,200 for couples. Taxpayers with children under the age of 17 will receive an additional amount of $300 per child. The rebate is gradually reduced for individuals with an income of $75,000 or more and couples with an income of $150,000 or more.
H.R. 5140 also provides $300 rebates for workers, seniors, and disabled veterans who pay little or no federal income taxes. Specifically, anyone with at least $3,000 in wages and salaries, Social Security income, or veteran’s benefits in 2007 would qualify.
Individuals and families will have to file a 2007 income tax return with the IRS in order to receive their tax rebates. The IRS has announced that the rebates are expected to start going out in May and continue throughout the summer. For more information, please visit www.irs.gov.
Contrary to some rumors, the rebates will not be taxed by the federal government, nor will they reduce the tax refunds that a taxpayer would otherwise receive. Rather, the rebates will be based on 2007 tax returns and reflect an actual reduction of taxes in 2008.
Total, H.R. 5140 will provide tax relief to more than 130 million Americans. H.R. 5140 will also temporarily increase the amount that businesses can deduct when they invest in their own expansion and growth, thereby helping to employ more workers. Congressman Platts voted in favor of the legislation.
Web Page Highlights (www.house.gov/platts)
Reps. Shuster and Platts Introduce Legislation to Help Children Receive Life-Saving Medical Treatment
On February 14, 2008, Representatives Bill Shuster and Todd Platts introduced legislation (H.R. 5468) seeking to provide continuous medical care to children who are transitioning out of research studies with the National Institutes of Health (NIH).
(http://www.house.gov/apps/list/press/pa19_platts/treatment.shtml)
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