Some things you could get out of the Stimulus plan

I stole this off CNN - but since the stimulus passed the Senate and House, looks like it'll be coming at us here pretty quick. I dont want to debate if you think it's a good bill or not, but here is some info that I thought was pretty usefull. Some of these things a lot of us will be able to take advantage of.

 

 

Make Work Pay Credit: The bill provides a $500 credit per worker and a $1,000 credit per dual-earner couple. The full credit would be paid to people making $70,000 or less ($140,000 per dual-earner couple). It would also be refundable, which means that even very low-income families who don't make enough to owe income tax would be able to claim it. Estimated cost: $139.4 billion.

I guess thats like a check they'd mail us!?

 

One-time payments to those who don't work: For seniors who don't work, as well as disabled veterans and retired railroad workers, the bill provides a one-time $300 payment. Estimated cost: $17 billion.

 

Break for higher income families: The bill includes a one-year provision to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax. The AMT was intended primarily for high-income taxpayers but has in recent years threatened to engulf those lower down the income scale. Estimated cost: $70 billion.

 

Temporary credit for car buyers: The bill would let those who buy a car in 2009 deduct the interest they pay on their car loan as well as the sales tax charged in the purchase. The full deduction would be available to those earning less than $125,000 ($250,000 for joint filers). Estimated cost: $11 billion.

 

I bet lots could get this one - I wonder if they will let me claim it since my car is an 09, even if I bought it in 08. Hmm!

 

Temporary credit for home buyers: The bill doubles the size of an existing temporary home buyer credit to $15,000. It also would allow all home buyers to claim it. And it removes the requirement under current law that the credit be paid back. Estimated cost: $39 billion.

 

Gynis and I are pumped about this one. Hello new appliances, hardwood floors and air conditioners!

 

New college credit: The bill introduces the American Opportunity Tax Credit, a $2,500 credit for higher education expenses. The full credit would be available to those making less than $80,000 ($160,000 for joint filers). Estimated cost: $10.3 billion.

 

Lots of us could use this one im sure. Help with tuition and all.

 

Pell Grants: The bill increases the maximum Pell Grant by $281 in the 2009-10 academic year and by $400 in the 2010-11 academic year. Estimated cost: $14 billion.

 

Child care credit: The bill increases eligibility for the child care tax credit by lowering the income threshold that must be met to $8,100. That will allow lower income families to claim more of the credit. Estimated cost: $7.2 billion.

 

I know some ladies at my work will use that one.

 

Earned income tax credit: The credit will be temporarily increased from 40% to 45% of qualifying earnings for low-income families with three or more children. It also includes a marriage penalty relief provision for couples who qualify for at least a portion of the credit. Estimated cost: $4.6 billion.

 

Babies!

 

Direct lifeline benefits

Health insurance help for the jobless: The bill includes provisions to help eligible jobless workers pay for health insurance under Cobra. Cobra coverage allows newly laid off workers to keep health insurance provided by their former employers for a period of time.

 

One of the provisions offers a government subsidy -- 50% of premiums for 12 months -- to help out-of-work Americans pay for healthcare. Estimated cost: $20 billion.

 

Another provides states funding to help pay for expanded Medicaid rolls for workers who've lost their jobs and can't afford health care on their own or can't get Cobra coverage because their former employer doesn't offer a health care plan. Estimated cost: $87 billion.

 

Unemployment benefits: The bill provides jobless workers with an additional 20 weeks in unemployment benefits, and 13 weeks on top of that if they live in what's deemed a high unemployment state, of which there are about 30 currently. Estimated cost: $27 billion.

 

In addition, the weekly unemployment benefit will temporarily increase by $25 on top of the roughly $300 jobless workers currently receive. Estimated cost: $8.8 billion

 

Plus, the first $2,400 of benefits in 2009 would be exempt from federal income taxes. Estimated cost: $4.7 billion.

 

Also included in the bill is an incentive for states to provide unemployment insurance coverage for part-time workers and for workers who quit their jobs for compelling family reasons. Estimated cost: up to $2.6 billion.

 

Food stamp payments: The bill includes a provision would increase food stamp payments by 12%, so a family of four would see an additional $71 on top of the $588 per month they receive currently. Estimated cost: $16.5 billion.

 

Help for needy families: The bill provides $2.3 billion to states to create a contingency fund through 2010 for the welfare program called Temporary Assistance for Needy Families, which provides cash assistance to the needy. Estimated cost: $2.3 billion.

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Sounds so much better than the Canadian stimulus plan...

Seems to have a few items in there to stimulate consumer spending and hopefully get some people back to work. I was under the impression it was going to meet some resistance in the House but we shall see.

I think you'd be out of luck on the car, it says bought in '09. I don't understand the house one...

The house one is nothing to do with banks or anything. Basically, when you file your taxes next year, you'll check a box saying you bought a house in X time period. If you check that box, you'll get 15 grand right away, on top of your normal return.

 

It used to be 7500 that you'd have to pay back at no intrest, but they thought it was dumb so they changed it to 15k no payback required. I love it.

 

You'd probably qualify too. I believe its from april 08 till july 09.

The house one is nothing to do with banks or anything. Basically, when you file your taxes next year, you'll check a box saying you bought a house in X time period. If you check that box, you'll get 15 grand right away, on top of your normal return.

 

It used to be 7500 that you'd have to pay back at no intrest, but they thought it was dumb so they changed it to 15k no payback required. I love it.

 

You'd probably qualify too. I believe its from april 08 till july 09.

 

I'm pretty sure the wording is $15,000 for a home purchase of $150,000 or more. Below that it is 10% of the amount paid. Regardless, it's pretty cool. If it was applicable through the end of the year I'd consider buying a house. Doing that by July won't be possible, though.

Do. Not. Want. Terrible 'fix' for the current problems.

BW - i dug a bit, its actually going to be the current tax credit (7,500 that you have to pay back) up until its signed. All houses bought after it's signed, for 1 year to the day, will be eligible.

 

The july thing is the expiration of the old credit. Start looking my man!

 

It still has to actually make it to the pres. desk though. I dunno if it'll survive the compromising part. Who knows!

Gotta say, Ill take any help on the largest investment Ill make in my entire life.

Gotta say, Ill take any help on the largest investment Ill make in my entire life.

 

crusader enchant?

crusader enchant?

WIN