Bipartisan Bill Will Stimulate Economy, Help Homeowners and Businesses 

 

Congresswoman Shelley Berkley today (January 29, 2008) voted in favor of bipartisan legislation that will provide rebate checks for more than one million families in the Silver State as part of a package to stimulate the economy in Nevada and nationwide.  The House passed The Recovery Rebates and Economic Stimulus for the American People Act by a vote of 385-35.  

 

“This carefully crafted bipartisan bill will provide tax relief to more than one million families in Nevada.  As a result of this legislation, the average Nevada household will see $800 returned to them through this timely rebate package,” said Berkley. 

 

The bill provides a recovery rebate to 117 million families, 13 million senior citizens and 35 million families who work, but make too little to pay income taxes.  The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. All told, the bill is estimated to provide an average tax rebate of $810 to 1,100,000 Nevada families and save them a total of $900 million across the state.

 

In addition, 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.

 

“With Nevada leading the nation in foreclosures for all of 2007, I am especially supportive of the provisions in this bill that address the housing crisis.  The increased funding for mortgage counseling along with new higher loan limits for loans from Fannie Mae, Freddie Mac and the FHA will help thousands of Nevadans keep their homes.  The Senate should act quickly on this package so we can get checks into the hands of families in Las Vegas and all across our nation who are eyeing these rebates as a way to cover important needs.” 

 

The legislation also includes tax cuts for small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment.  Additionally, the plan offers immediate tax relief for all businesses to invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008.

 

NEVADA SPECIFICS:

 

Number of Households Receiving Rebates:         1,100,000

 

Average Household Tax Rebate:                        $818

 

Total Estimated Tax Rebates (Nevada Wide)      $900 million