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Two Yarmuth Initiatives Included in Bipartisan Economic Stimulus Package


Provisions provide relief for small business, hard-working families

(Washington, D.C.) The economic stimulus deal reached today between Congressional leaders and the White House will include two major provisions championed by Congressman John Yarmuth (KY-3). 

Yarmuth introduced the provisions earlier this week; one to increase the child tax credit and another to stimulate job-growth through tax incentives for small businesses. 

“I’m pleased that leadership included my provisions boosting small businesses, the backbone of our economy, and providing relief for struggling families,” Yarmuth said.  “These initiatives will help get local businesses the resources they need to survive the difficult times, expand, and create new jobs.  We’re providing immediate help for American families who face skyrocketing healthcare, gasoline, and education costs while the housing market is collapsing around them.”

Yarmuth’s provisions in the bipartisan package are detailed below:

Increasing the Child Tax Credit by 30 percent
Couples making less than $110,000 per year are currently eligible for a $1,000 tax credit per child each year—a provision from which 360,000 Kentuckians benefit.  Yarmuth’s proposal increases the tax credit by $300 for 2007 returns and raises the eligibility to $150,000 per year before phase out begins, immediately providing cash to working families struggling to make ends meet.

Doubling write-offs for business expenses
Yarmuth joined with Melissa Bean, Chairwoman of the Subcommittee on Tax and Finance, to propose raising the small business expense write-off limit from $125,000 to $250,000 for 2008.  This provision encourages business owners to seize the moment and expand—purchasing more equipment and creating new jobs.