Recently, U.S. Rep. Laura Richardson of the 37th Congressional District explained, discussed, and outlined how the Federal stimulus package will be distributed during the Annual State of the District address to the Compton Chamber of Commerce at the Crystal Park Casino, in Compton, CA.
“The Recovery Act features a variety of funding opportunities for state and local governments, community based non-profits, and small businesses,” said Richardson. The Congresswoman proceeded to detail many of those opportunities for the audience of over 100 Compton area constituents. “My job, and that of my staff, is to continue to inform you here and at home, and fight for you when I’m in Washington to ensure that we maximize the dollars coming to the cities, businesses, and residents of the 37th Congressional District” she added.
The Congresswoman discussed how federal funds will be distributed in employment and training, small business programs, health care benefits, college and working tax credits in the state of California, and specifically in the 37th Congressional District. The following is a summary of important funding targets within the 37th Congressional District:
Recovery Act Allocations to CD-37 School Districts:
Los Angeles Unified:
$398.3 Million (Elementary/Secondary Education Act)
$168.4 Million (Persons w/Disabilities Education Act)
Total…. $566.7 Million
Long Beach Unified:
$ 35.8 Million (Elementary/Secondary Education Act)
$ 20.5 Million (Persons w/Disabilities Education Act)
Total …. $ 56.3 Million
$ 13.8 Million (Elementary/Secondary Education Act)
$ 8.1 Million (Persons w/Disabilities Education Act)
Total …. $ 21.9 Million
First-Time Home Buyers:
First Time Home Buyers’ Programs–American Recovery and Reinvestment Act (ARRA) gives first-time homebuyers a 2009 credit against their federal income tax liability equal to a maximum of 10% of a home’s purchase price, or $8,000, up from a maximum of $7,500 for buyers in 2008. The credit amount is reduced for individuals with modified adjusted gross income (AGI) of more than $75,000 ($150,000 for joint filers), and is zero for those individuals with modified AGI in excess of $95,000 ($170,000 for joint filers). The tax credit is refundable.
Making Work Pay Tax Credit–Families will receive a $400 per worker tax credit. Those filing jointly will receive an $800 per couple tax credit in 2009 and 2010. This credit is adjusted to phase out among those making above $75,000 for individuals and $150,000 for joint filers. Total CD-37 eligibility is estimated at 146,900 Individuals with incomes under $75K; and 128,100 Families with income under $150K; so the Total is roughly 275,000 households in CD-37
Hope College Tuition Tax Credit–ARRA education tax credits available to taxpayers to offset the cost of higher education is the Hope Credit. The Hope Credit is a nonrefundable credit that may be claimed for the qualified tuition expenses of each eligible postsecondary education student in the taxpayer’s family. For tax year 2008, the maximum credit is $1,200. ARRA changes that maximum credit to $1,800 multiplied by the number of students in the family who meet the enrollment criteria.
Extended Unemployment benefits and Unemployment Increases ($25/week) The Recovery Act provides an increase in unemployment benefits for all eligible individuals of $25 per week. These extra benefits are 100 % federally funded. On February 26, the Labor Department announced that the implementation of this provision was beginning in some states as early as the week of March 1. Over the next several weeks, all states will be implementing this increase. The $25 weekly increase is retroactive, covering weeks of unemployment beginning February 22.
TV Converter Box Coupon Program–ARRA provides $650 million for the TV Converter Box Coupon Program to allow the National Telecommunications &Information Administration (NTIA) to issue coupons to all households currently on the waiting list via first class mail and other methods to ensure vulnerable populations are prepared for the transition from analog-to-digital television transmission.