|
FOR IMMEDIATE RELEASE
January 29, 2008
|
|
|
Contact: Zach Goldberg
202-225-5801 (office) |
|
HOLT SUPPORTS BIPARTISAN STIMULUS PACKAGE
AS A STEP TOWARD ECONOMIC GROWTH STRATEGY
|
|
|
Washington, D.C. – Rep. Rush Holt today supported the economic stimulus plan that passed with a bipartisan majority in the U.S. House of Representatives. The Recovery Rebates and Economic Stimulus for the American People Act would provide tax rebates to 117 million families, including 600,000 in New Jersey. Families could receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.
“I am hopeful that this stimulus plan helps jump start our economy by providing tax relief for working families who are struggling during the economic downturn and the housing crisis,” Holt said. “This is a short-term response, however, and it should not preclude Congress from enacting meaningful, forward-looking policies emphasizing economic development and investment in R&D and education. Had Congress and the Administration acted on these priorities in previous years, it is likely we would not have needed to pass such a stimulus plan now.”
In the past, Holt has been a strong advocate for efforts, such as Einstein’s Alley, to attract innovative, research-based companies and investment to Central New Jersey, while retaining and expanding existing business enterprises. He also has been a strong supporter of investing in math, science, and foreign language education, making permanent the R&D tax credit, doubling the budget for the National Science Foundation, and making health care more affordable for small companies.
“It is vital that we continue to develop and support an ‘Innovation Agenda’ that seeks to strengthen America's competitiveness by making decisions and investments today that we will be pleased we made 25 years from now. We need to rise to the challenge of the new and changing global landscape.”
As part of the stimulus package, Holt also supported tax cuts for small businesses. Today’s legislation would double the amount small businesses can immediately write off their taxes for capital investments and would encourage investments in new equipment. Additionally, the plan would offer 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.
The legislation also includes provisions to help families avoid losing their homes to foreclosure. The bill would expand 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.
|
|
|
|
