Stimulus Bill & You

The 787 Billion dollar Stimulus Package is expected to be signed promptly by President Obama and it will likely be putting money in your pocket.

The most noticeable individual impacts of the stimulus package are coming in the form of tax credits and tax breaks. Many taxpayers will be getting between $400 and $800.

However, the credit is not for individuals making more than $75,000 and couples making more than $150,000.

Those on Social Security or on disability will get $250 dollars.

The plan may also help you pay for college. Individuals earning less than $80,000 and families earning less than $160,000 can get up to $2,500 towards tuition.

If you are in the market for a new home, first time home buyers will receive an $8,000 tax credit.

The bill will also allow new car buyers to deduct the sales tax from taxable income.

Out of work? The unemployed are getting a boost in the form of a $25 increase in weekly benefit checks through the end of the year.

For those in rural communities, the bill includes seven billion dollars for improving high speed internet broad bands.

The House of Representatives approved the Stimulus Bill earlier today by a 246 to 183 vote. The Senate approval is expected to be finalized soon.