The $825B Boondoggle Bill Details

Here are some of the details on the "stimulus" bill. It is a huge welfare/pork bill. See anything you like - or anything that would remotely stimulate the economy?

Tax Relief for Individuals

“Making Work Pay Credit”

Expand Earned Income Tax Credit (EITC)

Increase in child tax credit, $0 floor

Education

Simplification of education credits w/ $2,500 credit for first four years of higher education expenses (increase income limitations), with credit partially-refundable (40% refundable)

Housing

Remove repayment requirement on $7,500 first-time home buyer credit for homes purchased after 2008 and before termination of credit (June 30, 2009)

Coordination provisions with new grant program for low-income housing being designed by the Financial Services Committee

Business

Bonus depreciation

5-year carryback of net operating losses (excluding companies receiving TARP benefits, Fannie Mae, Freddie Mac)

Extension of increased small business expensing

Expand work opportunity tax credit for disconnected youth and unemployed, recently-discharged veterans

Prospectively repeal Treasury Section 382 ruling

State and Local Governments

Allow financial institutions to purchase State and local bonds and other changes

Repeal AMT limits on new private activity bonds

Taxable bond option for governmental bonds

School construction bonds

One year deferral of withholding tax on government contractors

Distressed Areas

Provide tax exempt bonds and tax credit bonds to “recovery zones.” These tax exempt bonds and tax credit bonds can be used for a wide array of purposes to stimulate economic development, including job training and education. A “recovery zone” would be an area within a State, city or county that has exhibited high unemployment, foreclosures or poverty. These bonds would be allocated automatically to States and large municipal governments based on the number of unemployed individuals within that area.

Energy Tax Incentives

Long-term extension of renewable energy production tax credit

Temporary election to claim the investment tax credit in lieu of the production tax credit

Coordination provisions with new grant program for renewable energy projects being designed by the Energy and Commerce Committee (sections 45 and 48 projects)

Clean Renewable Energy Bonds (“CREBs”)

Qualified Energy Conservation Bonds

Energy efficiency and conservation tax incentives under sections 25C, 25D and 48

Smart energy conservation, energy efficiency, and renewable energy R&D credit

Refueling property credit expansions

Trade Adjustment Assistance (TAA)

Updates, modernizes and expands TAA to cover service workers, and substantially improves and extends coverage to manufacturing workers

Triples funds for job training

Unemployment Insurance (UI)

Encourage UI Modernization

Continue the Emergency Unemployment Compensation Program

Increase UI checks by $25/week

Additional Temporary Assistance for Needy Families (TANF)

Provide additional TANF Contingency Funds to serve needy families

Supplemental Security Income (SSI)

Provide a one-time additional SSI Payment to Low-Income elderly and disabled recipients

Child Support Enforcement Funding

Restore federal funding for Child Support Enforcement for 2 years

COBRA Healthcare for the Unemployed

Provides temporary subsidies for health insurance coverage to those who have lost their jobs.

Extends the availability of unsubsidized COBRA coverage for older and tenured workers beyond the 18 months provided under current law

Health Information Technology (HIT)

Establishes standards, payment incentives and privacy protections to encourage the widespread adoption of health information technology