Detroit, MI —  Congresswoman Carolyn Cheeks Kilpatrick expressed pride in lawmakers’ efforts to collaborate and enact a bipartisan economic stimulus plan to aid America’s families. H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act, was signed into law yesterday. Congresswoman Kilpatrick voted in support of the bill, which will give about 4.5 million families in Michigan an estimated $3.8 billion in tax rebates.

“Congress and the Administration worked together to create a stimulus package aimed at helping families in the 13th District and across the country,” said Congresswoman Kilpatrick. “While this stimulus package addresses some of our immediate problems, we must continue working to develop real solutions that will reinvigorate the economy, renew consumer confidence, and relieve America’s families of the burdens of increasing education, health care, and energy costs. We must focus on creating real results for real families with real problems.”

The plan will provide a tax rebate for the low and middle-income families who are suffering because of the economic downturn. More than 130 million families—including 35 million families across the country who work but make too little to pay income taxes—will receive a tax rebate. The plan will also provide recovery rebate checks to 28 million households of senior citizens and disabled veterans.

The bipartisan legislation also includes tax cuts for small businesses, doubling the amount small businesses can immediately write off their taxes for capital investments, and encouraging investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses that invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008.

The stimulus plan also includes provisions to help families avoid losing their homes to foreclosure. The bill expands affordable mortgage loan opportunities for families at risk of foreclosure through the Federal Housing Administration. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single-family homes from Fannie Mae and Freddie Mac.