WASHINGTON, DC – Congressman Delahunt today unveiled information about the economic stimulus plan signed into law by President Bush.  Workers and others who paid income taxes in 2007 on wages or investment income will receive checks of up to $600 for individuals and $1,200 for couples. 

Payments phase out beginning with individuals with more than $75,000 in adjusted gross income and couples with more than $150,000 in annual gross income. 

Retirees and other seniors who reported little to no income in 2007 will receive a check for $300.  However, if they report more than $17,500 in investment or work-related income, they receive the full check of $600.    Anyone qualifying for a check receives an additional $300 for each dependent child under the age of 17.

On housing, the package boots the size of mortgage loans that the Federal Housing Administration can insure and Fannie Mae and Freddie Mac can purchase.  So, essentially, a greater number of homes can qualify for Federal insurance and loan assistance.

If you should have any questions about this legislation, please feel free to contact my local offices on the South Shore and Cape Cod and the Islands.

For a detailed summary, please click here.

-30-