- The Washington Times - Thursday, January 15, 2009

Highlights of the $825 billion economic recovery plan drafted by House Democrats and President-elect Barack Obama’s economic team.

SPENDING

Energy — $32 billion to fund a so-called “smart electricity grid” to reduce waste; $20 billion-plus in renewable energy tax cuts and a tax credit for research and development on energy conservation, energy efficiency and renewable energy, and a multiyear extension of the renewable energy production tax credit for wind, hydropower, geothermal and bioenergy; $6 billion to weatherize modest-income homes.

Science and technology — $10 billion for science facilities; $6 billion to bring high-speed Internet access to rural and underserved areas.

Infrastructure — $32 billion for transportation projects; $31 billion to build and repair federal buildings and other public infrastructure; $19 billion in water projects; $10 billion in rail and mass transit projects:

Education — $41 billion in grants to local school districts; $79 billion in state fiscal relief to prevent cuts in state aid; $21 billion for school modernization.

Health care — $39 billion to subsidize health care insurance for the unemployed and provide coverage through Medicaid; $90 billion to help states with Medicaid; $20 billion to modernize health information technology systems; $4 billion for preventative care.

TAXES

Individuals — $500 per worker, $1,000 per couple tax cut for two years, costing about $140 billion; greater access to the $1,000 per-child tax credit for the working poor; expanding the earned-income tax credit to include families with three children; a $2,500 college tuition tax credit; repeals a requirement that a $7,500 first-time homebuyer tax credit be paid back over time.

Business — An infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two; bonus depreciation for businesses investing in new plants and equipment; a doubling of the amount small businesses can write off for capital investments and new equipment purchases; allows businesses to claim a tax credit for hiring disconnected youth and veterans.


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