Today, U.S. Rep. Ed Perlmutter (D-CO) joined an overwhelming bipartisan majority in the House of Representatives in support of the Recovery Rebates and Economic Stimulus for the American People Act.
As passed, the legislation will help stimulate the economy, providing tax rebates to 1.9 million households in Colorado . Congress is determined to act quickly, so that families could receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.
“This package is a short term fix to a long term problem,” said Perlmutter. “We now have a chance to focus in the mid-term on long term investments to strengthen the financial situation for us and our families. We need to focus on investments in critical infrastructure for energy and transportation here at home. This package is a shot in the arm, and it gives us a chance to plan for the future.”
The bill passed today provides a recovery rebate to 117 million families, including 35 million families who work but make too little to pay income taxes and 13 million senior citizens. 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 $895 to Colorado families.
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.
