BIPARTISAN ECONOMIC STIMULUS PLAN SIGNED INTO LAW, 8.3 MILLION HOUSEHOLDS IN FLORIDA TO RECEIVE TAX CUT
Tax Rebate Checks Could Arrive As Early As Mid-May

WASHINGTON, DC – Rep. Kendrick B. Meek today praised the enactment of a bipartisan economic stimulus plan after President Bush signed the Recovery Rebates and Economic Stimulus for the American People Act. In total, 8.3 million families in Florida will receive tax rebates of up to $1,200 per couple, plus $300 per child as early as mid-May. By getting money into the hands of America's families and small businesses, the plan is expected to add 500,000 jobs to the economy.

"I am a strong believer in fiscal responsibility but there is no doubt that Florida's economy is heading for a downturn," said Congressman Meek. "The plan signed into law today will give our economy a temporary boost, create jobs and make it easier for families to make ends meet. This is a timely, targeted and temporary shot in the arm that Florida's economy requires."

The plan will provide a tax rebate for the low and middle-income families who are being hit hardest by the economic downturn. More than 130 million families, including 35 million families across the country that 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.

"With Democrats in control of Congress, lower- and middle-incoming working Americans now have a seat at the economic negotiating table," Congressman Meek added.

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.

Importantly, the bipartisan 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.

U.S. Rep. Kendrick B. Meek represents the 17^th Congressional District of Florida which includes parts of Miami-Dade and Broward Counties. He serves on the House Committee on Armed Services and is the lone Floridian sitting on the House Committee on Ways and Means.

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