WASHINGTON (Feb. 8, 2008) — The House voted 380-34 Feb. 7 to approve a $168 billion stimulus package for the U.S. economy, just a few hours after the Senate voted 81-16 in favor of the same legislation.
President Bush has indicated he will sign the bill next week.
The final version of the bill includes important tax breaks for business, including a provision allowing businesses to expense up to 50 percent of their capital goods purchases in 2008 and another doubling the maximum amount businesses can write off under Section 179 of the Tax Code.
Individuals will receive a tax rebate up to $600, going up to $1,200 for couples filing jointly, plus $300 for each dependent child and further breaks for senior citizens, disabled veterans and disabled veterans' widows.
The bill is expected to inject an estimated $152 billion into the economy in 2008 and another $16 billion in 2009.