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Federal Stimulus Package
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KEY FACTS
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Federal Economic Recovery Funding
One small bright spot in the gloomy economic picture is the passage of the American Recovery and Reinvestment Act (AARA) – or otherwise referred to as the federal stimulus bill. Washington state will receive funding in a number of ways – direct allocations to support existing state programs; funding for state programs so we can avoid state budget reductions; grants for specified purposes; competitive grants where the state must apply for specific purposes; and direct assistance for Washington residents.
The state Operating Budget should benefit by at least $2.7 billion. In addition, there is another $1.7 billion allocated specifically for all levels of Washington government – state, county, city and school district.
The programs that directly benefit Washingtonians include the following:
* “Making Work Pay” – Refundable tax credit in 2009 and 2010 of up to $400/individual or $800/married couple
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Earned Income Tax Credit for Families – Temporary increase*
Increase in unemployment insurance benefits by $25/week and continues extended benefits (33 weeks)*
“American Opportunity” Education Credit – A credit for 100% of the first $2,000 in qualifying tuition and related expenses*
A $250 one-time payment to Social Security, Supplemental Security Income (SSI) and veteran beneficiaries*
Pell Grants would increase by $500, to $4,860 from $4,360 for the 2009-10 academic year*
A 65% federal subsidy for COBRA health insurance premiums for up to nine months for workers who have been involuntarily terminated*
Increase to food stamp benefits – now renamed “Supplemental Nutrition Assistance Program” – about $392 million in additional benefits to Washington households over the next four years