The Official Website of Congresswoman Madeleine Z. Bordallo

Economic Stimulus Package Passes Congress: Federal Treasury to Cover Guam Rebates

FOR IMMEDIATE RELEASE—February 7, 2008– Washington, D.C. –

Congresswoman Madeleine Z. Bordallo today hailed passage of the economic stimulus package. The bill, H.R. 5140, the “Economic Stimulus Act of 2008,” was amended and passed by the Senate earlier today by a vote of 91 to 6 and later by the House of Representatives by a vote of 380 to 34.

Within hours of Senate passage, the House of Representatives took up and passed the amended bill. The House of Representatives, which initially passed an economic stimulus bill last week, needed to reconsider the bill today with the Senate amendments before it could be sent to the President.

The Senate, among other changes, amended the bill to definitively qualify additional low income individuals, including social security recipients and disabled veterans, for the tax rebates. The bill, as amended, would provide tax relief this year for millions of Americans, including our workers and families on Guam.

Tax rebates of $600 per individual, $1,200 per couple, and $300 per child, are to be provided to taxpayers under the terms of the final economic stimulus package passed by Congress today. The bill guarantees workers who earned at least $3,000 in 2007 will receive at least a $300 tax rebate.

The final bill includes the provision for federal coverage of the tax rebates for qualifying taxpayers and families on Guam and in the other territories. The bill protects the Guam treasury from any loss that would otherwise be incurred for payout of the tax rebates mandated by the bill. Congresswoman Bordallo worked in partnership with her colleagues from the territories in securing this provision.

Apart from the tax rebate provisions, included in the final bill are investment incentives to ease the pressure on the housing market and on small businesses.

“The final bill is a stronger package. The good news is our local treasury is protected from any loss. The federal treasury will cover the tax rebates for our workers, our families, our seniors, and our veterans. This bill is a step forward to keep our economy growing and to provide our families and small businesses important tax relief,” Bordallo said.

The bill will now be transmitted to the President. The President is expected to sign it into law. Tax rebates could be expected as early as mid-May.

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Contact: Joseph E. Duenas in Washington, D.C. at 202-225-1188 or Audreya Taitano at 671-477-4272/4

joseph.duenas@mail.house.gov or audreya.taitano@mail.house.gov

www.house.gov/bordallo

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