Warwick, R.I. – February 13, 2008 – Congressman Jim Langevin (D-RI) today praised the enactment of a bipartisan economic stimulus plan after President Bush signed the Recovery Rebates and Economic Stimulus for the American People Act. Approximately 500,000 Rhode Island families will receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.
“Democrats, Republicans and the President worked together, and we’re delivering real relief to Rhode Island families,” said Langevin. “The plan signed into law today will give our economy a boost, create jobs and make it easier for families to make ends meet.”
The plan will provide a tax rebate for the low and middle-income families who are being hit hardest by the economic downturn. More than 130 million families, including 35 million families across the country that work but make too little to pay income taxes, will receive a tax rebate. The plan will also provide recovery rebate checks to 28 million households of senior citizens and disabled veterans.
The bipartisan legislation also includes tax cuts for small businesses, doubling the amount small businesses can immediately write off their taxes for capital investments, and encouraging investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses that invest in new plants and equipment by speeding up depreciation provisions. Firms, under this plan, can write off an additional 50 percent for investments purchased in 2008.
“Small businesses create jobs and power our economy,” continued Langevin. “Our plan will help create 500,000 jobs and give these businesses the chance to expand and hire more workers.”
This bill expands affordable mortgage loan opportunities through the Federal Housing Administration for families at risk of foreclosure. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in Fannie Mae and Freddie Mac loan limits for single family homes.