| |
Daily DigestLike to Write?
 Passionate about local sports? Into the environment? Obsessive about local meetings?
Let your neighbors know what's going on in Berkshire County! iBerkshires accepts submissions about local events, news and opinion pieces. There are openings for freelance work, too, for qualified candidates. E-mail tdaniels@iberkshires.com to find out more. |
Got Flu?
Track its spread through Google! |
| Need to contact iBerkshires? Here's how. |
ObituariesWhat's Playing
A television-hero pup (John Travolta) thinks he's a real superdog in the Disney film "Bolt." |
Sales FliersColumnists | Independent Investor
|
Other StuffRelated Stories |
| |
Letter from John Olver: Stimulus Plan Provides ReliefBy Rep. John W. Olver - February 22, 2008
 | | Rep. John W. Olver |
On Feb. 6, 2008, President Bush signed into law the Economic Stimulus Act of 2008. This legislation was the culmination of a bipartisan effort to quickly combat the nation's most urgent crisis, the sagging economy.
The stimulus package was fashioned in order to provide timely relief to those Americans who are suffering the most during this period of economic difficulty.
The package provisions include:
Payments of $300 to individuals or $600 to couples for workers who earned at least $3,000 in qualifying income during 2007, but paid little or no income tax. Qualifying income includes wages, Social Security benefits and payments to disabled veterans or their survivors.
Even if you owe little or no income tax, it is necessary to file a 2007 tax return in order to receive a check; the rebate will not count against your 2008 tax return.
Payments of $600 to individuals or $1200 to couples who paid taxes last year on wages or investment income. Payments will phase out beginning with individuals with more than $75,000 in adjusted gross income and couples with more than $150,000.
An additional $300 for each dependent child under age 17 for anyone qualifying for a rebate check.
An additional write-off for companies of 50 percent of new investment expenditures in 2008 for items subject under current law to depreciation over 20 years or less.
An additional write-off for small businesses for the entire cost of new investment expenditures up to $250,000. It would apply to companies with overall investments of less than $800,000 in 2008.
An increase in the size of mortgage loans that the Federal Housing Administration could insure and that Fannie Mae and Freddie Mac could purchase:
- The FHA loan limit would be temporarily increased through the end of this year from $362,000 to $729,750.
- Conforming loan limits would be increased from $417,000 to $729,750.
The details of this stimulus plan were reached after months of serious discussion about the state of the American economy. I am very proud that Congress and the president were able to work together to achieve a bipartisan agreement that will take effect quickly.
While the stimulus plan will provide a much needed boost to our economy, low- and middle-income Americans continue to need health care, affordable housing, and a way to heat their homes in the winter. Although there is still much more to be done, this package is an important first step.
If you would like more information about how the economic stimulus plan affects you, you can visit the IRS Web site at www.IRS.gov or you can call my local offices and we will do our best to find the answers to your questions.
U.S. Rep. John W. Olver, D-Amherst, represents the 1st Massaschusetts District, which includes most of Western Mass. and all of Berkshire County. Contact his office at 78 Center St., Pittsfield, by calling 413-442-0946. |
olver, you are a prime example of why our country despaeratly needs term limits!
| | from: teddy | on: 02-23-2008 |
|
|
Enter your email address below to receive our FREE iBerkshires.com Newsletter
|
