PROVIDES TAX REBATES TO INDIVIDUALS AND FAMILIES WHILE INCREASING DEDUCTIONS AND APPRECIATION FOR SMALL BUSINESSES

Washington, Feb 7, 2008 - "The recent increase in the unemployment rate has brought about a period of economic uncertainty," said Rep. Cliff Stearns (R-Ocala). "I support this plan to revitalize the economy over the short term. However, I am also committed to pursuing the pro-growth policies that generated 52 straight months of job creation. In the long run, extending the expiring tax cuts will enrich our nation. Without extending these tax cuts, 116 million Americans will face tax increases averaging $1,800."

The House today approved the Senate amended stimulus package including tax rebates for individuals and families, as well as tax relief for small businesses. Explained Stearns, "Individuals who earned at least $3000 in 2007, but paid no income taxes, will receive $300 or $600 for married couples. Those who did pay income taxes in 2007 will receive $600 for an individual and $1200 for married couples. Payments will be phased out for those earning more than $75,000, or married couples earning over $150,000. In addition, there is a $300 rebate for each child. It is important to note that Social Security payments and payments to disabled veterans and their widows will count toward the $3000 income threshold."

Companies will get a 50-percent bonus depreciation in 2008 for expenditures subject to depreciation over 20 years. In addition, up front deductions for small businesses will increase to $250,000 in the year of purchase, which is double the current expensing limit, and the investment limit will be set at $800,000.