American Recovery & Reinvestment Act of 2009 What’s in it for YOU?
American Recovery & Reinvestment Act of 2009 (ARRA) H.R.1: “Making supplemental appropriations for job preservation and creation , infrastructure investment , energy efficiency and science , assistance to the unemployed , and State and local fiscal stabilization , for the fiscal year ending September 30, 2009, and for other purposes.” Be it enacted by the Senate and House of Representatives http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf Note: No information in this document is legal, tax or financial advice, consult your legal or accounting professional regarding your individual situation.
Creating or saving 70,000 jobs over the next 2 years Tax cut of up to $800 for 2,080,000 workers and their families Making 75,000 families eligible for a new $2,500 college tax credit Expanding unemployment insurance to 204,000 jobless workers Providing funding sufficient to modernize at least 193 schools in Arizona American Recovery & Reinvestment Act Impact for ARIZONA Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
Mortgage Refinancing Education Tax Credits Unemployment Insurance Training in high growth and emerging industries COBRA & Health Benefits Employment / Consulting Opportunities Consumer energy tax credits for homes and vehicles American Recovery & Reinvestment Act of 2009 What’s in it for YOU?
You may be able to refinance your home; if you are u nable to refinance to a lower interest rate because your home value has decreased if: Your home is your primary residence . You have a Fannie Mae or Freddie Mac loan. You are current on your mortgage payments. The amount you owe on your first mortgage is about the same or less than the current value of your house. ARRA Mortgage Refinancing “ Making Home Affordable”
Provides a 65% subsidy for unemployed workers for COBRA premiums for up to 9 months; allows states to offer coverage to unemployed workers through Medicaid. ARRA COBRA & Health Benefits Increases Medicaid so no state has to cut eligibility due to budget shortfall Computerizes every healthcare record within 5 years Investments in evidence-based prevention medical care Lovitt & Touch’e Inc Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
A government-sponsored subsidy of 65% of the monthly COBRA premium for up to nine (9) months A special election opportunity for eligible individuals Applies to: – Medical, Dental and Vision – Any other group health plan subject to COBRA Does NOT apply to: – Flexible Spending Accounts (FSA’s) – Health Savings Accounts (HSA’s) Benefits Provided by ARRA COBRA & Health Benefits Lovitt & Touch’e Inc
The economic recovery package includes federal funding for a *$25 per week increase in unemployment benefits. Unemployment Insurance *Goes into the job search budget ! The package also extends the deadline to qualify for the Emergency Unemployment Compensation extensions through December 31, 2009 .
Education Tax Credits Increases higher education tax credit to a maximum of $2,500 Expands Pell grants and the college work-study program Making College More Affordable Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
Residential Energy Property Credit - Increases the credit for energy efficient upgrades to residential property to 30% and extends it through 2010. Residential Cap Removed - Removes the cap on the credit for residential wind, geothermal, and solar thermal property. Consumer Vehicle Incentives - Provides a minimum $2,500 tax credit for people who purchase plug-in hybrid vehicles. Consumer Energy Tax Credits for Homes and Vehicles Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
Job Creation? “ $10 billion investment in each of three technologies: broadband networks , health IT , and the smart power grid . It finds that by spurring or supporting this level of additional investment would create or retain 498,00 jobs from broadband, 212,000 jobs from health IT, and 239,000 jobs in the smart grid. Approximately 525,000 of these jobs would be in small businesses .” Robert D. Atkinson, Ph.D is President of the Information Technology and Innovation Foundation, a Washington, DC-based technology policy think tank. Follow the Money$$$$
Extension of Production Tax Credit (PTC) – 3 year extension. The PTC applies to facilities for wind, closed-loop biomass, open-loop biomass, solid waste, hydropower, geothermal, and landfill gas. Investment Tax Credit in lieu of PTC – Facilities that qualify for the PTC may now claim the 30% ITC if they prefer. This may help attract financing. Repeal of Limitations on ITC - Existing limitations on the ITC have been repealed, making it possible for all eligible projects to claim the full 30% Energy Tax Incentives Follow the Money$$$$ Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
Loan Guarantees - $6.0 billion for the Renewable Energy and Electric Power Transmission Loan Guarantee Program. Carbon Sequestration - $3.4 billion for research, development, and demonstration of carbon sequestration. Smart Grid - $4.5 billion for grants to develop and deploy smart-grid technologies. Power Administration Borrowing - $3.25 billion each ($6.5 billion total) in increased borrowing authority for the Western Area Power Administration and the Bonneville Power Administration to fund transmission and renewable energy projects. Renewable Energy Production & Energy Transmission Follow the Money$$$$ Congresswoman Gabrielle Giffords District 8 http://giffords.house.gov/
Training and Employment Services The Workforce Investment Act (WIA) provides funds to localities for job training and employment services for dislocated workers . . . And for worker training and placement in high growth and emerging industries . . . . energy-efficient building, construction, and retrofits industries; renewable electric power industry; energy-efficient and advanced drive train vehicle industry; bio-fuels industry; deconstruction and materials use industry; energy efficiency assessment industry serving the residential, commercial, or industrial sectors manufacturers that produce sustainable products using environmentally sustainable processes and materials. http://assets.opencrs.com/rpts/R40182_20090219.pdf Follow the Money$$$$
League Staff Contact : Cheyenne Walsh, email@example.com (602) 258-5786 Arizona League of Towns and Cities Community Development, Economic Development and Housing Transportation Public Safety/Homeland Security Environment Energy Telecommunications http://www.azleague.org/pdf/stimulus_ct_funding_book.pdf http://www.usmayors.org/recovery/documents/report-20090213.pdf US Council of Mayors Mainstreet Economic Recovery Report Jobs and Contracts at the City & Town Level Follow the Money$$$$
Offer to : Write proposals/grants for others or YOUR OWN COMPANY Offer to: Add your resume to proposals submitted by companies and consulting firms to “beef up” their proposals Offer to provide finance, accounting, budget oversight, reporting & audit for government contracts; these are going to be BIG needs Areas of need will be: IT, engineering, technology, manufacturing, R&D, Contract Management Offer to be the: Project Manager or Contract Manager Employment / Consulting Opportunities Contact alternative energy companies, cities/towns, Governor’s office, federal agencies/ departments Timing: Summer through 2009, 2010, 2011 Follow the Money$$$$
Where can you find out about projects that could provide employment for you ? Mainstreet Economic Recovery Report http:// www.usmayors.org/mser / http://www.hud.gov/offices/cpd/communitydevelopment/programs/ http:// phoenix.gov /PLAN www.RECOVERY.gov http://www.whitehouse.gov/StrongMiddleClass/ http:// USA.gov http://www.grants.gov/index.jsp Arizona League of Towns and Cities http://www.azleague.org/pdf/stimulus_ct_funding_book.pdf League Staff Contact: Cheyenne Walsh, firstname.lastname@example.org (602) 258-5786