U.S. Representative Rick Larsen (WA-02) voted today for an economic stimulus plan that provides tax rebates to 117 million families across the country, including 2.6 million families in Washington state. The Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140) passed the House today by a large, bipartisan majority of 385 to 45.
“This timely, targeted and temporary stimulus plan is an important first step to help get our economy back on track,” said Larsen. “By acting quickly to deliver tax rebates to working families, and tax relief to small businesses, we aim to jump start our economy and help create jobs.”
“As we work out a final agreement with the Senate, extending unemployment benefits as part of our stimulus package would lend a helping hand to Americans looking for work,” Larsen continued.
The House bill, which is also backed by the Bush administration, would provide families with tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May. The average family in Washington state would get a check for $963 under the plan, according to the U.S. Treasury Department. Of the millions of Americans who would get a rebate check, 13 million are senior citizens and 35 million work but earn too little to pay income taxes.
The legislation also includes tax relief to help small businesses create jobs, doubling the amount small businesses can immediately write off their taxes for capital investments and encouraging investments in new equipment. To expand affordable mortgage opportunities for families at risk of foreclosure, the measure also includes a one-year increase in the loan limits from Fannie Mae and Freddie Mac for single family homes.