I am very concerned about the current state of the economy, and I understand what a devastating impact the economic downturn has had on Nevadans. Americans have suffered from stagnating and declining incomes, even while the costs have increased for everything from food, to health care, to college tuition. We also face a serious credit crisis that has thwarted economic growth and cost many Americans their jobs.

 
    
I am pleased that Congress and President Obama have joined together to provide meaningful, long-term relief for hard working Nevadans by passing the American Recovery and Reinvestment Act of 2009 (ARRA). This bill will provide much needed assistance for struggling families, seniors, homeowners, and others deeply affected by this crisis.

• Nevada will receive $250 million dollars for local transportation and modernization projects which will create an estimated 34,000 jobs, 90% in the private sector.
• Each worker is eligible for up to $400 in tax relief and families could receive up to $800.
• A tax credit of $8,000 for first-time homebuyers will help Nevadans invest in a home and move the excess supply of houses off the market.
• The ARRA provides a temporary deduction for non-itemizers for sales tax paid on the purchase of a car or truck.
• The HOPE education credit for higher education is increased to $2,500 dollars.
• Every SSI recipient, Social Security beneficiary, Railroad Retirement beneficiary and disabled veteran receiving VA benefits will receive a one-time economic recovery payment of $250.
• Federal and state pensioners who are not participants in Social Security will be eligible for a $250 tax credit.

Congress also has taken other important steps to address the severe housing crisis that is at the root of our economic problems, especially in Nevada. Information on housing legislation is available here.

During these tough economic times please be assured that I remain strongly committed to helping Nevadans maintain quality health coverage. I understand the devastating effects that unemployment and State budget cuts have had on Nevadans' health care. That is why I am pleased that we were able to provide some relief for those whose are suffering during this economic crisis.

• The federal matching payments for state Medicaid programs will be increased for a 27 month period
• ARRA provides a 65% premium subsidy for COBRA health insurance for up to nine months for workers and their families
• ARRA continues the extension and expansion of unemployment benefits, and provides additional funding for the food stamp program

Additionally, the ARRA contains a number of provisions beneficial to small business owners.

• Providing $426 million for the cost of direct and loan guarantees for small businesses.
• Establishing an economic stimulus-lending program for small business under which the Small Business Administration guarantees up to 95 percent of qualifying small business loans made by eligible lenders.
• Establishing a two-year secondary market guarantee authority within the SBA to provide a federal guarantee for pools of first lien 504 loans that are to be sold to third-party investors, not to exceed $3 billion.
• Establishing a lending and refinancing authority within the SBA, not to exceed refinancing efforts on loans in the amount of $10 million.
• Establishing that the maximum amount of leverage to any one company not exceed the lesser of 300 percent of the company's private capital or $150 million.
• Extending the maximum NOL carry back period from two years to five years for small businesses with gross receipts of $15 million or less.
• Allowing small business taxpayers to elect to write-off the cost of these expenses in the year of acquisition in lieu of recovering these costs over time through depreciation in order to help small businesses quickly recover the cost of certain capital expenses.
• Allowing a seventy-five percent (75%) exclusion for individuals on the gain from the sale of certain small business stock held for more than five years.
• Providing temporary tax relief by reducing the 2009 required estimated tax payments for certain small businesses.

The Emergency Economic Stabilization Act of 2008 (P.L.110-353), which provided broad flexibility to the Treasury Department to respond to the deteriorating financial system, also requires that the Secretary promote jobs and economic growth. Funds distributed through the Troubled Asset Relief Program have been used to help banks build the capital to facilitate lending to domestic businesses and consumers. However, more must be done to ensure that TARP funds are used quickly to increase lending and boost the economy.