President Bush said he would sign into law the economic stimulus package passed by Congress.
"We are in a period of economic uncertainty and we've acted again," he told an audience attending a conservative political conference. "I want to thank the members of Congress for passing a good piece of legislation, which I will sign into law next week. This bill reflects our principles. It is robust, it is pro-growth, it stimulates business investment and it puts money into the hands of American consumers."
The bill will provide one-time tax rebates of up to $600 for individuals or $1,200 for couples, plus $300 for each child. Low-income people, including retirees on Social Security and disabled veterans who do not pay income taxes, would still receive $300 checks.
The bill also includes several business tax provisions, including one that allows businesses to expense more of their equipment and assets they purchase in 2008 instead of depreciating them, hiking the limit from $125,000 to $250,000 in 2008. The bill allows a bonus depreciation of an extra 50 percent of the assets bought in 2008.
In addition the bill allows Fannie Mae and Freddie Mac to buy individual home loans worth up to $729,750, an increase from the current limit of $417,000. The Federal Housing Administration would also be able to insure loans of up to $729,750.
House Ways and Means Committee Chairman Charles Rangel, D-N.Y, said the checks would especially benefit lower-income families.
"This stimulus package will send critical relief to millions of lower- and middle-income families who have no choice but to spend that money back into the economy," said Rangel in a statement.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access