Stimulus Package Vote 2/13/09 February 13, 2009

The Stimulus Package, which passed the Senate vote, will go into the House of Representatives tonight, 2/13/09. Congress appears to have enough votes to push this Stimulus Plan through.

Stimulus Package Vote Time - February 13, 2009

12pm Est - Noon

Stimulus Highlights

- Cost: $789 Billion (it is 2009 - if one were to have spent $1 million every day for the past 2,009 years, you'd still have money left over - that's how much $789 billion is )

- Provides a new $2,500 tax credit for college education expenses

- Provides an $8,000 tax credit for first time home buyers for homes purchased between Jan. 1 and Dec. 1, 2009. The tax credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.

- Allows small businesses with gross receipts of up to $15 million to write off 2008 losses against five previous tax years. Current laws allows a two-year carryback of losses.

- Extends tax breaks for wind facilities and other renewable energy facilities and provides other tax incentives to encourage development of renewable energy facilities.

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