Oregon Watchdog: Hooley joins majority to pass Rebate & Stimulus package

U. S. CONGRESSWOMAN DARLENE HOOLEY
OREGON 5TH DISTRICT
PRESS RELEASE: January 29, 2008
CONTACT JOAN MOONEY EVANS, (202) 225-5711

Hooley Helps Jumpstart Economy
--$1.3 Billion in Recovery Rebate Checks to Appear in Oregon Mailboxes by Summer--

Washington, D.C. – Congresswoman Darlene Hooley (OR-5) today joined an overwhelming bipartisan majority in the House of Representatives to pass the Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140). Passed by a vote of 385 to 35, the legislation will help stimulate the economy, providing tax rebates to 1.5 million households in Oregon. Congress is determined to act quickly, so that families could receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.

“Many Oregonians are struggling just to make ends meet, and the economic downturn is only making this worse. We have crafted a bipartisan economic stimulus plan that is timely, targeted and temporary to give the economy a jumpstart,” said Hooley. “But, frankly, I was disappointed that the President would not even entertain funding County Timber Payments in this economic package, a move that would have been a real stimulus to rural economies in Oregon and others across the country. I was also discouraged that unemployment benefits and food stamps to those most likely to spend the money and stimulate the economy were left out of the package.”

The bill passed today provides a recovery rebate to 117 million families, including 35 million families who work but make too little to pay income taxes and 13 million senior citizens. The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. All told, the bill is estimated to provide an average tax rebate of $867 to Oregon families, save them a total of $1.3 billion across the state, and create new jobs.

The legislation also includes tax cuts for small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses to 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.

“Small, family businesses power our economy in Oregon and across the country,” added Hooley. “Our bipartisan bill gives these businesses incentive to expand their operations, hire new workers and help our economy get back on track. Farmers in Oregon will be able to buy the equipment they need to expand their business and create good American jobs here in Oregon.”

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.

H.R. 5140 now heads to the U.S. Senate where action is expected soon.
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