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could file returns next year and receive checks individuals making more than 75 000 and couples making more than 150 000 would receive reduced amounts senate the credit would phase out at incomes of 70 000 for individuals and couples making more than 140 000 and phase out more quickly reducing the cost to 140 billion conference tax credit reduced to 400 per worker and 800 per couple in 2009 and 2010 and phaseout begins at 75 000 for individuals and 150 000 for joint filers note retirees with no wages get nothing 31 alternative minimum tax house no provision senate about 70 billion to prevent 24 million taxpayers from paying the alternative minimum tax in 2009 the tax was designed to make sure wealthy taxpayers cannot use credits and deductions to avoid paying any taxes or paying at a far lower rate than would otherwise be possible but it was never indexed to inflation so critics now contend it taxes people it was not intended to congress addresses it each year usually in the fall conference includes a one year increase in amt floor to 70 950 for joint filers for 2009 31 expanded child credit house 18 3 billion to give greater access to the 1 000 per child tax credit for low income workers in 2009 and 2010 under current law workers must make at least 12 550 to receive any portion of the credit the change eliminates the floor meaning more workers who pay no federal income taxes could receive checks senate sets a new income threshold of 8 100 to receive any portion of the credit reducing the cost to 7 5 billion conference the income floor for refunds was set at 3 000 for 2009 2010 32 expanded earned income tax credit house 4 7 billion to increase the earned income tax credit which provides money to low income workers for families with at least three children senate same expanded college credit house 13 7 billion to provide a 2 500 expanded tax credit for college tuition and related expenses for 2009 and 2010 the credit is phased out for couples making more than 160 000 senate reduces the amount that can be refunded to low income families that pay no income taxes lowering the cost to 13 billion homebuyer credit house 2 6 billion to repeal a requirement that a 7 500 first time homebuyer tax credit be paid back over time for homes purchased from jan 1 to july 1 unless the home is sold within three years the credit is phased out for couples making more than 150 000 senate doubles the credit to 15 000 for homes purchased for a year after the bill takes effect increasing the cost to 35 5 billion conference 8 000 credit for all homes bought between 1 1 2009 and 12 1 2009 and repayment provision repealed for homes purchased in 2009 and held more than three years 32 home energy credit house 4 3 billion to provide an expanded credit to homeowners who make their homes more energy efficient in 2009 and 2010 homeowners could recoup 30 percent of the cost up to 1 500 of numerous projects such as installing energy efficient windows doors furnaces and air conditioners senate same conference same unemployment house no similar provision senate 4 7 billion to exclude from taxation the first 2 400 a person receives in unemployment compensation benefits in 2009 conference same as senate bonus depreciation house 5 billion to extend a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009 senate similar money losing companies house 15 billion to allow companies to use current losses to offset profits made in the previous five years instead of two making them eligible for tax refunds senate allows companies to use more of their losses to offset previous profits increasing the cost to 19 5 billion conference limits the carry back to small companies revenue under 5 million 33 government contractors house repeal a law that takes effect in 2011 requiring government agencies to withhold three percent of payments to contractors to help ensure they pay their tax bills repealing the law would cost 11 billion over 10 years in part because the government could not earn interest by holding the money throughout the year senate delays the law from taking effect until 2012 reducing the cost to 291 million energy production house 13 billion to extend tax credits for renewable energy production senate same conference extension is to 2014 repeal bank credit house repeal a treasury provision that allowed firms that buy money losing banks to use more of the losses as tax credits to offset the profits of the merged banks for tax purposes the change would increase taxes on the merged banks by 7 billion over 10 years senate same house 36 billion to subsidize locally issued bonds for school construction teacher training economic development and infrastructure improvements senate 22 8 billion to subsidize locally issued bonds for school construction industrial development and infrastructure improvements auto sales house no similar provision senate 11 billion to make interest payments on most auto loans and sales tax on cars deductible conference 2 billion for deduction of sales tax not interest payments phased out for incomes above 250 000 34 conference report edit congressional negotiators said that they had completed the conference report on february 11 35 on february 12 house majority leader steny hoyer scheduled the vote on the bill for the next day before wording on the bill s content had been completed and despite house democrats having previously promised to allow a 48 hour public review period before any vote the report with final handwritten provisions was posted on a house website that evening 36 37 on february 13 the report passed the house 246 183 largely along party lines with all 246 yes votes given by democrats and the nay vote split between 176 republicans and 7 democrats 38 39 the senate passed the bill 60 38 with all democrats and independents voting for the bill along with three republicans on february 17 2009 president barack obama signed the recovery act into law 40 41 42 43 provisions of the act edit composition of the act tax incentives includes 15 b for infrastructure and science 61 b for protecting the vulnerable 25 b for education and training and 22 b for energy so total funds are 126 b for infrastructure and science 142 b for protecting the vulnerable 78 b for education and training and 65 b for energy state and local fiscal relief prevents state and local cuts to health and education programs and state and local tax increases section 3 of the arra listed the basic intent behind crafting the law this statement of purpose included the following to preserve and create jobs and promote economic recovery to assist those most impacted by the recession to provide investments needed to increase economic efficiency by spurring technological advances in science and health to invest in transportation environmental protection and other infrastructure that will provide long term economic benefits to stabilize state and local government budgets in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases the act specifies that 37 of the package is to be devoted to tax incentives equaling 288 billion and 144 billion or 18 is allocated to state and local fiscal relief more than 90 of the state aid is going to medicaid and education the remaining 45 or 357 billion is allocated to federal spending programs such as transportation communication wastewater and sewer infrastructure improvements energy efficiency upgrades in private and federal buildings extension of federal unemployment benefits and scientific research programs the following are details to the different parts of the final bill and the selected citizen to receive this government grants have to come up with 350 for the activation and they must clear the state tax according to the state percentage that will be refund it back along with the grants 44 45 46 43 tax incentives for individuals edit total 237 billion 116 billion new payroll tax credit of 400 per worker and 800 per couple in 2009 and 2010 phaseout begins at 75 000 for individuals and 150 000 for joint filers 31 70 billion alternative minimum tax a one year increase in amt floor to 70 950 for joint filers for 2009 31 15 billion expansion of child tax credit a 1 000 credit to more families even those that do not make enough money to pay income taxes 14 billion expanded college credit to provide a 2 500 expanded tax credit for college tuition and related expenses for 2009 and 2010 the credit is phased out for couples making more than 160 000 6 6 billion homebuyer credit 8 000 refundable credit for all homes bought between january 1 2009 and december 1 2009 and repayment provision repealed for homes purchased in 2009 and held more than three years this only applies to first time homebuyers 47 4 7 billion excluding from taxation the first 2 400 a person receives in unemployment compensation benefits in 2009 4 7 billion expanded earned income tax credit to increase the earned income tax credit which provides money to low income workers for families with at least three children 4 3 billion home energy credit to provide an expanded credit to homeowners who make their homes more energy efficient in 2009 and 2010 homeowners could recoup 30 percent of the cost up to 1 500 of numerous projects such as installing energy efficient windows doors furnaces and air conditioners 1 7 billion for deduction of sales tax from car purchases not interest payments phased out for incomes above 250 000 tax incentives for companies edit total 51 billion 15 billion allowing companies to use current losses to offset profits made in the previous five years instead of two making them eligible for tax refunds 13 billion to extend tax credits for renewable energy production until 2014 11 billion government contractors repeal a law that takes effect in 2012 requiring government agencies to withhold three percent of payments to contractors to help ensure they pay their tax bills repealing the law would cost 11 billion over 10 years in part because the government could not earn interest by holding the money throughout the year 7 billion repeal bank credit repeal a treasury provision that allowed firms that buy money losing banks to use more of the losses as tax credits to offset the profits of the merged banks for tax purposes the change would increase taxes on the merged banks by 7 billion over 10 years 5 billion bonus depreciation which extends a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009 healthcare edit main article health information technology for economic and clinical health act more than 11 of the total bill is allocated to help states with medicaid arra included the enactment of the health information technology for economic and clinical health act also known as the hitech act 48 total health care spending 155 1 billion 49 86 8 billion for medicaid 25 8 billion for health information technology investments and incentive payments 25 1 billion to provide a 65 subsidy of health care insurance premiums for the unemployed under the cobra program 10 billion for health research and construction of national institutes of health facilities 2 billion for community health centers 1 3 billion for construction of military hospitals 1 1 billion to study the comparative effectiveness of healthcare treatments 1 billion for prevention and wellness 1 billion for the veterans health administration 500 million for healthcare services on indian reservations 300 million to train healthcare workers in the national health service corps 202 million for a temporary moratorium for certain medicare regulations education edit secretary of education arne duncan and new york city mayor michael bloomberg visit with students at explore charter school total 100 billion 53 6 billion in aid to local school districts to prevent layoffs and cutbacks with flexibility to use the funds for school modernization and repair state fiscal stabilization fund 50 15 6 billion to increase pell grants from 4 731 to 5 350 13 billion for low income public schoolchildren 12 2 billion for idea special education 2 1 billion for head start 2 billion for childcare services 650 million for educational technology 300 million for increased teacher salaries 250 million for states to analyze student performance 200 million to support working college students 70 million for the education of homeless children aid to low income workers unemployed and retirees including job training edit payments to social security recipients and people on supplemental security income were parts of the arra total 82 2 billion 40 billion to provide extended unemployment benefits through december 31 and increase them by 25 a week 19 9 billion for the food stamp program 14 2 billion to give one time 250 payments to social security recipients people on supplemental security income and veterans receiving disability and pensions 3 45 billion for job training 3 2 billion in temporary welfare payments tanf and wic 500 million for vocational training for the disabled 400 million for employment services 120 million for subsidized community service jobs for older americans 150 million to help refill food banks 100 million for meals programs for seniors such as meals on wheels 100 million for free school lunch programs infrastructure investment edit total 105 3 billion transportation edit road and highway construction is the biggest single line infrastructure item in the final bill projects funded by the arra have a sign marking them like this one in middletown rhode island sign for an arra funded road widening project on state highway 9 north of breckenridge colorado total 48 1 billion 51 some in the form of transportation investment generating economic recovery tiger grants 27 5 billion for highway and bridge construction projects 8 billion for intercity passenger rail projects and rail congestion grants with priority for high speed rail 6 9 billion for new equipment for public transportation projects federal transit administration 1 5 billion for national surface transportation discretionary grants 1 3 billion for amtrak 1 1 billion in grants for airport improvements 750 million for the construction of new public rail transportation systems and other fixed guideway systems 750 million for the maintenance of existing public transportation systems 200 million for faa upgrades to air traffic control centers and towers facilities and equipment 100 million in grants for improvements to domestic shipyards water sewage environment and public lands edit total 18 billion 52 53 54 55 56 4 6 billion for the army corps of engineers for environmental restoration flood protection hydropower and navigation infrastructure projects 4 billion for the clean water state revolving fund wastewater treatment infrastructure improvements epa 2 billion for the drinking water state revolving fund drinking wate...
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