Tax relief is coming. A bipartisan effort has produced legislation to give tax rebates to individuals and to families as well as tax incentives for businesses. The goal is to provide a jolt to our slowing economy and to help people who may be struggling to keep their homes because of the mortgage crisis.
The bill provides tax relief of up to $600 per individual and $1,200 per married couple plus an additional $300 per child. In Utah, 1 million households will receive rebates; the average Utah household tax rebate is $1,000. Any Utahn who earned at least $3,000 in 2007 will get at least $300 per single and $600 per couple, as well as the child tax credit. Our senior citizens and disabled veterans also receive help. Any Utahn who receives at least $3,000 in Social Security income, self-employment income or veterans' disability payments (including payments to survivors of disabled veterans) will get a tax rebate. The money could arrive as soon as mid-May.
To encourage business investment, the legislation doubles the amount small businesses can immediately write off their taxes for capital investment. It also speeds up depreciation provisions.
Finally, the measure increases the Federal Housing Administration's loan limits to expand affordable mortgage loan opportunities for families at risk of foreclosure through the FHA.
Please help me understand how this legislation affects you and your family.
2nd District of Utah