Federal Stimulus Overview

On February 17, 2009 President Obama signed into law the American Recovery and Reinvestment Act (ARRA).  The $787 billion stimulus package is comprised of $286 billion in tax relief and $501 billion in additional government spending.   Some of the appropriation provisions in the stimulus package include the following:

• Infrastructure spending on roads, bridges, and mass transit systems
• Additional unemployment benefits
• Computerizing American’s health care records
• Increased funding for Pell Grants

Read the full measure here.
 
Distribution of Stimulus Resources

The governor’s office will distribute many of the stimulus resources for Washington state.  State agencies will choose projects for funding and send recommendations to the Governor for certification.  Should you believe that you have a project that might be eligible for funding please click here.
 
To learn more about federal economic recovery plan and how it is being implemented in Washington state, please click here.

Assistance for Small Businesses

The American Recovery and Reinvestment Act contains a package of loan fee reductions, higher guarantees, new SBA programs, secondary market incentives and enhancements to current SBA programs. To learn more about these programs please visit the Small Business Administration's website.

First-Time Homebuyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  Additionally, first-time buyers who purchased a home between April 9, 2008 and January 1, 2009 may be eligible for a federal tax credit of up to $7,500.  This article from U.S. News and World Report outlines some things you need to keep in mind to take advantage of the credit.