DC Message Boards: American Recovery and Reinvestment Act - DC Message Boards

As part of an effort to highlight the success of the American Recovery and Reinvestment Act (Recovery Act) in revitalizing communities across the country, the U.S. Department of the Treasury today released a report providing state-by-state data on Treasury program funding. The report, issued around the 200 day anniversary of the Recovery Act, details funds provided to states, local communities, and families through a variety of programs, including the Making Work Pay Tax Credit, payments for renewable energy production, funds for affordable housing development, and Build America Bonds.

"In 200 days, the Recovery Act has made significant progress in revitalizing our communities and providing the basis for economic growth," said Treasury Deputy Secretary Neal Wolin. "Through innovative programs established by the Recovery Act, the Treasury Department has provided tax relief to millions of families, supported increased development of affordable housing and clean energy projects, and provided new tools for states and communities to fund much needed infrastructure projects."

Highlights of the impact from Treasury's Recovery Act programs during the first 200 days include:

· $66.1 billion in estimated tax benefits provided to individuals, families, and businesses through the implementation of various tax provisions. The Making Work Pay credit has been a significant element of these provisions.

· $502 million in payments made to promote renewable energy production throughout the country

· $2.3 billion provided to 37 states to spur the development of affordable housing

· $28.2 billion in Build America Bonds issuances to help 37 states finance a variety of public improvement projects

The report also provides information on the First Time Homebuyer's Tax Credit, the $250 one- time stimulus payments, New Markets Tax Credits, Qualified School Construction Bonds, and Recovery Zone Bonds. The comprehensive report is available here. Additional information on Treasury's Recovery Act programs follows:

Making Work Pay Tax Credit: In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act provides a credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. The tax credit is calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.

Recovery Zone Bonds: Recovery Zone Economic Development Bonds are one type of taxable Build America Bond that allow state and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects, such as job training and educational programs. Recovery Zone Facility Bonds are a type of traditional tax-exempt private activity bond that may be used by private businesses in designated recovery zones to finance a broad range of depreciable capital projects. Both of these are allocated directly to counties and large municipalities

Qualified School Construction Bonds: Investors who buy these bonds receive tax credits worth 100 percent of the interest, allowing state and local governments to obtain financing without having to pay any interest. States may directly issue the bonds on behalf of eligible schools or provide school districts with the authority to issue the bonds within the state.

Qualified Energy Conservation Bonds: These bonds are authorized under an expanded tax credit bond program of the Recovery Act of 2009 for states and large local governments based on population data. The bonds are tax credit bonds that provide a federal subsidy for repair and rehabilitation of public schools and related authorized purposes through a federal tax credit to investors intended to cover 70 percent of the interest on the bonds.

Build America Bonds: Under the Build America Bonds program, Treasury makes a direct payment to the state or local governmental issuer in an amount equal to 35 percent of the interest payment on the Build America Bonds. Potential investors include pension funds that traditionally do not hold tax exempt bonds and foreign investors. These investors have been important additions to the market for municipal debt.

One-time $250 Payments: Treasury's Financial Management Service, in coordination with the Social Security Administration, the Railroad Retirement Board, and the Department of Veterans Affairs, have issued more than 54 million Economic Recovery payments to beneficiaries totaling more than $13 billion.

Community Development Financial Institutions: The CDFI Fund makes monetary awards (grants, loans and other investments) on a competitive basis to certified CDFIs. A CDFI is a specialized financial institution that works in low-income communities or serves individuals or businesses that lack access to mainstream financial institutions. Among many financial services, CDFIs provide capital to small businesses and micro-enterprises; mortgage loans to first-time homebuyers; financing to support the development of affordable housing projects and community facilities; and retail banking services to the unbanked.

New Markets Tax Credit: With the increased investment authority made available through the Recovery Act, this program incentivizes private-sector capital investment in distressed communities across the country to create jobs, stimulate economic growth, and jumpstart the lending necessary for financial stability. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.

Affordable Housing Payments: Under this program, state housing agencies that apply receive funds to finance the construction or refurbishment of qualified affordable housing developments. Applicants agree to forgo tax credits down the line in favor of an immediate payment. Through this program, the Treasury Department works with state housing agencies to jump start the development or renovation of qualified affordable housing across the country.

Renewable Energy Payments: The Recovery Act authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities. Previously, these companies could file for a tax credit to cover a portion of the renewable energy project's cost. Under the new program, applicants would agree to forgo tax credits down the line in favor of an immediate payment.

First Time Homebuyer's Tax Credit: Taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before December 1 have a special option available for claiming the tax credit either on their 2008 tax returns or on their 2009 tax returns next year. The maximum credit is $8,000.

View Report Here:

http://www.ustreas.g...l%209.04.09.pdf

Human_*, on 13 March 2009 - 10:40 AM, said:

Keep guessing Doug, Your Group "The democrats: will sweat on this one.

One last point; http://www.dsireusa....ex.cfm?state=us

If you not only want to know where the green jobs are headed, but as well as the rules, and regulations. Enjoy the link. It's all there.

http://www.sec.gov/d...orce/claims.htm

You got to go to the link to believe it. I have one question.

How come I'm the only one, and a Republican on top of it who can post links like these???????????

http://www.neh.gov/n..._Pt3_NCtoWY.pdf

To you democrats out there; Don't EVER tell me my business again. I called it right, and you all "Democrats" played with this economy like it was a game, and I got news for you? THIS AINT NO GAME.....................................................


http://blogs.abcnews...-instincts.html

What was done was done for this countrys' Economic security.

what you democrats are doing is playing with this country economic security.

Your "Democrats" programs haven't worked in the past, and it sure aint going to work in the future.

Just maybe the general public will finally learn that leaving it up to the left wing of the democrat party was really a bad idea, and a rather costly one on top of it.

Where are the Jobs that the Spending Bill was supposed to have been created?

Where are the jobs??????
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http://www.baxterbul...lus-bookkeeping

It seems the president has a new trick up his sleeve to convince us his bloated "stimulus" packages are solving our economic woes: deception.
ABC News called out the Obama administration the other day when, on the official Recovery.gov Web site, the administration reported "jobs added" in Congressional districts which didn't even exist.

Now, those responsible for the Web site say they're just reporting the number they're given, and Vice President Biden has told them to fix it. So that's all good, right? We're in the clear; the president is on top of it ...
Not likely.

This is the transparency we were promised? Huge sums of money going to clearly unknown places to create clearly nonexistent jobs? In Oklahoma alone, this Web site tells us $19 million went to parts nonexistent. $11 million in Iowa. $48 million to Puerto Rico. $34 million in Arizona. $140.5 million in the U.S. Virgin Islands.

That is, we think. But as none of the districts mentioned in Oklahoma, Iowa, Arizona, Puerto Rico, and the Virgin Islands seem to exist on any Congressional map, we really have no idea. Perhaps we're stimulating Tolkein's Middle Earth, instead!

Even these fictional stimulus projects seem unable to do much. That $19 million in Oklahoma only managed to create 15 jobs. Nice salaries, those.

This isn't simply a matter of changing a few numbers on a Web site, a mistyped district there, an extra "4" over there. No, this is a desperate floundering to appear to meet unmet promises.
Even in the real districts, these numbers, this great transparency we've been offered, mean nothing. If someone thinks a transaction saved someone a job, it gets counted. Not only is that job hypothetical, it's also one of those "saved" jobs, not actually new employment created. Not even the slightest bit of help to an unemployment rate higher than anything we've seen in over two decades.

There's talk of yet another stimulus to "create jobs." Are we supposed to have simply forgotten that creating jobs was the stated purpose of the last stimulus?
The most recent package promised to "create or save" 3.5 million jobs by next year. Even the unbelievable Recovery.gov doesn't believe that has happened. Moreover, 90 percent of those jobs were supposed to have been created in the private sector. Instead, most of the jobs we're seeing claimed are in fact public sector jobs, and there have been multiple challenges to the accuracy of those reports.

And as more and more taxpayer money goes to unnecessary and inefficient projects, we are only told that the effort is working, we're saving jobs and President Obama has us on the right track.

He might need a little bit more of your money to get us all the way there, of course, but that's only because what we're doing is accomplishing so much.
I don't know about you, but I'm tired of this. Real people are struggling to keep their jobs and to make ends meet. Real people are circling ad after ad in the Sunday paper praying this time, please, let it work. Real people are seeing their tax dollars frittered away on foolishness. Real people and real problems should not be made into political semantics.
On one level, it makes for an entertaining story. Heard the one about my brother-in-law taking one of those stimulus jobs? Yeah, he had to move to Missouri's 83rd District to take it. It was only after he arrived he found Missouri only had nine.

Yet on every other level this is the sad story, already grown stale in the repeating, of an administration which promises things it cannot deliver and then backs away from responsibility.
Mike Reagan is the elder son of the late President Ronald Reagan. E-mail comments to Reagan@caglecartoons.com.
© 2009 Mike Reagan.

When it came to the Spending Bill? The only thing that Barack Obama was doing was making a Lawyers argument.

When I posted on here that the democrats were cashing out? I think you now know what I meant by it.

I kid you not, what the democrats can't do to all of us "General Public" Legislatively? They WILL do all of us administratively.

I hope you are wrong Human. Investment in rebuilding the nation’s infrastructure can put millions of people to work now and improve our country for the long term. The United States has some $2.2 trillion in unmet infrastructure needs. That’s a lot of work that needs to be done, at a time when 26 million people are unemployed or underemployed.

Here are some infrastructure priorities that can create jobs now while laying out a strong foundation and offering benefits for years to come:

* Transportation, including high-speed rail, ports, transit, roads and bridges.
* School construction and repair.
* Drinking water and wastewater systems.
* Clean energy and green technology investment, as outlined by the Apollo Alliance.
* Retrofitting buildings to make them more energy-efficient.
* Improvements to National Parks.

These investments would benefit jobless workers as well as communities across the country.

Looking at the situation we face today, what's clear is that our economy is in a very different place than it was when I took office last year. Our economy at that time was on the brink of collapse. The credit and the housing markets were in deep trouble and we were losing 700,000 jobs a month. Economists of every stripe were concerned that we might be slipping into a second depression.

That's not what happened. Because of the Recovery Act and a number of other measures, and because of distasteful but necessary steps to help our auto industry recover and stabilize our banks, we've pulled our economy back from the abyss. And while there's a lot of work left to do, our economy is now growing for the first time in over a year and we just received the best jobs report in over two years.

Of course, it's a sign of how tough times are that the best job report in two years still shows a loss of 11,000 jobs. And I'm not going to rest until every American who’s looking for work can find a job; until we put America back to work.

It's no secret that there's been less than full bipartisan support for the Recovery Act and some of the steps that have broken the freefall of our economy. But my hope is that as we move forward, we can do so together, recognizing that we have a shared responsibility to meet our economic challenges on behalf of all Americans -- those who elected us to make sure that we're doing the people's business.

Small businesses, for example, are the engines that drive much of the hiring in our economy. So we should be able to forge a consensus around a series of steps to help small businesses grow and hire new employees. These steps include elimination of the capital gains taxes on small business investment along with an extension of write-offs to encourage expansion in the coming year. And I've urged congressional leaders to create a tax incentive to create -- to encourage small businesses to add and keep workers.

I’ve proposed making an additional investment in the nation’s infrastructure beyond what was included in the Recovery Act, to continue modernizing our transportation and communications networks. We've already begun to do so. In the first six months of 2010, Recovery Act outlays on projects related to infrastructure will actually double what was done over the previous six months. This is not only going to put more Americans back to work, but this is also work that America needs done and will help fortify our economy for years to come.

I’ve called on Congress to provide temporary incentives for consumers to buy the materials needed to retrofit their homes for greater energy efficiency. This program will spur hiring and spending, promote energy conservation, and help Americans put more money in their pockets by saving on their energy bills. I’ve also proposed that we extend proven initiatives that promote energy efficiency and clean energy jobs. And to help Americans weather this economic storm, I’ve called for an extension of emergency relief to states, seniors, and citizens who need it most.

Finally, to support these efforts, we're going to wind down the Troubled Asset Relief Program, what’s known as TARP -- the emergency fund created to stabilize the banking system. This program has served its original purpose and the cost has been much lower than we expected, giving us a chance to pay down the deficit faster than we thought at the time and also allowing us to invest in job creation on Main Street rather than on Wall Street. More will need to be done to put our nation on a firm fiscal footing, and I’m looking forward to working with the group of leaders that I just met today about how we can structure a plausible scenario to get to medium- and long-term deficit reduction.

Now, it's appropriate that I met with leaders of both parties. Spurring hiring and economic growth are not Democratic or Republican issues. They are American issues that affect every single one of our constituents. I am absolutely committed to working with anybody who is willing to do the job to make sure that we can rebuild our economy and make sure that Americans all across the country, regardless of political persuasion, are seeing the kinds of opportunities that we expect here in the United States of America.

I'm confident we can do so. I'm confident we can put our economic troubles behind us. But it's going to require some work and cooperation and a seriousness of purpose here in Washington. And I hope that as we enter into the holiday season the leaders that I just met with will feel the same way.

Human, on 23 October 2009 - 01:39 PM, said:

Union Rep; I really wished to god that I was wrong. In the media it's being played out right now. What Barack obama can't do legislatively? He Will do Administratively; EPA is just one of many examples, but it's the most prevalent at the moment.

I also know how Latin America is going to shape up. But what does that have to do with the Stimulus packages? LOL do your home work. You will learn some thing "Not all of it , but a few things".

With 15 million American workers Unemployed! This administration next year must promise the American worker that they will do everything in their power to get the American worker employed.

Hey unionrep! just so there are no misunderstandings; I should have phrased it better.

I wished to god that I was wrong, and what this administration can't do to everyone legislatively? they will do it administratively.

You do understand that under the law there is a Union hierarchy, as to which are safe, and which ones will be left up to the winds of fate. Not all unions are treated equally.

I lost a dear friend, who was hardcore union, and some of us are also for unions, just not at the expense of the economy as a whole "It's a brutal balancing act".

Just when you thought that the democrats could not reach any lower; It's time to become a State worker.

http://www.nypost.co...lMaLypLXEnNZAKM

Instead of moving boldly, like Franklin D. Roosevelt, to punish Wall Street firms which have bankrupted the nation while pursuing ever greater income and bonuses for themselves, President Obama has continued the Bush administration policy of bailing them out – unlimited funds for Wall St., nothing for the growing numbers of unemployed, homeless, and increasingly desperate Americans.

http://www.keshaforcongress.com/

The U.S. Commerce Department’s National Institute of Standards and Technology (NIST) today awarded more than $123 million in American Recovery and Reinvestment Act grants to support the construction of new scientific research facilities at 11 universities and one non-profit research organization.

With ultimate research targets ranging from off-shore wind power and coral reef ecology to quantum physics and nanotechnology, the 12 projects will launch more than $250 million in new laboratory construction projects beginning early this year.

“These awards will create jobs by helping to fund 12 major, shovel-ready construction projects,” U.S. Commerce Secretary Gary Locke said. “These new, state-of-the-art facilities will help keep the United States at the forefront of scientific and technological innovation and will support economic growth.”

The 12 construction project awards, the result of a competition announced by NIST last May, include:

*

$15 million to the University of Pittsburgh (Pittsburgh, Pa.) for new laboratories for nanoscience and experimental physics,
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$15 million to Nova Southeastern University Inc. (Fort Lauderdale-Davis, Fla.) for a Center of Excellence for Coral Reef Ecosystem Science research facility,
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$12.4 million to the University of Maine (Orono, Me.) for an Advanced Nanocomposites in Renewable Energy Laboratory,
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$12.3 million to the University of Kansas Center for Research (Lawrence, Kan.) for the new Measurement, Materials and Sustainable Environment Center (M2SEC),
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$11.8 million to the University of Kentucky (Lexington, Ky.) for an expansion of the Center for Applied Energy Research Laboratory,
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$11.8 million to Purdue University (West Lafayette, Ind.) for a Center for High Performance Buildings at the Ray W. Herrick Laboratories,
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$11.6 million to the Georgia Tech Research Corporation (Atlanta, Ga.) for a pilot-scale laboratory for carbon-neutral energy solutions,
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$10.3 million to the University of Maryland (College Park, Md.) for a laboratory for advanced quantum science in the school’s new Physical Sciences Complex,
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$8.1 million to the Woods Hole Oceanographic Institution (Barnstable, Mass.) for the Laboratory for Ocean Sensors and Observing Systems (LOSOS),
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$6.9 million to the University of Nebraska – Lincoln (Lincoln, Neb.) for a nanoscience metrology facility,
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$6.9 million to Georgetown University (Washington, D.C.) for The Institute for Soft Matter Synthesis and Metrology, and
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$1.4 million to Columbia University (New York, N.Y.) for an ultraclean geochemistry laboratory at Lamont-Doherty Earth Observatory.

In addition to satisfying the core objectives of the Recovery Act—creating and saving jobs and investment in infrastructure that will provide long-term economic benefits—the projects were chosen on the basis of the scientific and technical merit of the proposals, the need for federal funding, design quality and suitability for the intended purpose, and the strength of the project-management plan.

The new facilities also support research goals of the Commerce Department, NIST and the National Oceanic and Atmospheric Administration (NOAA), including the study of advanced materials, coral reefs, hurricanes, quantum physics, nanoscience and metrology.

As a non-regulatory agency of the U.S. Department of Commerce, NIST promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards and technology in ways that enhance economic security and improve our quality of life.

The Laboratory for Advanced Quantum Science at the Physical Sciences Complex

University of Maryland (College Park, Md.)
NIST Construction Grant Program Award: $10.3 million
Total project budget: $15.5 million

The Laboratory for Advanced Quantum Science (LAQS) will be a 21,000-square-foot (1,951-square-meter) underground laboratory space incorporated in the planned Physical Sciences Complex to be built at the University of Maryland at College Park. Designed specifically for the needs of research at the frontiers of quantum science, the LAQS will feature environmental controls for clean air, low vibration and electromagnetic interference, and stable temperature and humidity, on a par with the Advanced Measurement Laboratory at the National Institute of Standards and Technology (NIST).

The laboratory will primarily support the work of the Joint Quantum Institute, a collaboration of NIST, the University of Maryland and the National Security Agency's Laboratory for Physical Sciences, which studies phenomena in atomic, molecular and optical physics, condensed matter physics and quantum information. Quantum science contributes to our basic understanding of the universe, but also can fundamentally affect such practical issues as cryptography, advanced computing, and the design and use of sensors based on new technologies. Modern quantum science requires exquisite control of the research space—the lasers, for example, often must be physically stabilized to restrict motion from vibration or thermal expansion to less than a few nanometers. The LAQS has been designed to meet these exacting specifications.

Construction of the Physical Sciences Complex, including the LAQS, is expected to be completed by spring 2013.

For further information:
Lee Tune
University of Maryland
(301) 405-4679
ltune@umd.edu

Reaching a major milestone in creating jobs and improving the nation’s infrastructure, U.S. Transportation Secretary Ray LaHood announced that as of December 28, the Federal Highway Administration has approved 10,000 highway projects funded through the American Recovery and Reinvestment Act of 2009 (ARRA) since its passage in February.

“What better way to cap off the year than with 10,000 highway and bridge projects putting people back to work, strengthening the economy, and making travel safer for everyone,” said Secretary LaHood.

Of the $26.6 billion available for highway projects through the Recovery Act, $21.8 billion has been obligated to 10,000 projects nationwide – of which 6,092 highway projects are underway. This money is helping employ tens of thousands of men and women and significantly improving more than 27,000 miles of roads and bridges.

“Highway projects are moving forward across the country,” said FHWA Administrator Victor Mendez. “Thanks to the Recovery Act, drivers, pedestrians, and cyclists will see significantly improved roadways in 2010.”

Construction on some of the nation’s largest infrastructure projects is just beginning, such as the Caldecott Tunnel in San Francisco, which is set to start construction in early January. At $257 million, this project, which relies on $192.4 million in ARRA funds, is one of the largest ARRA projects in the nation. Several other major projects have recently begun construction, including:

* I-215 Widening Project in San Bernardino and I-405 Widening in Los Angeles. During the summer, work began on two billion-dollar projects in California – the I-215 Widening Project in San Bernardino, which is using $128 million in ARRA funds to reduce traffic congestion that had been crippling the local economy, and the other using $189.9 million in ARRA funds to add 10 miles of carpool lane on Los Angeles’ northbound I-405, one of the most congested routes in the nation. Both projects are expected to continue through 2013.

* US19/SR 55 Interchange reconstruction in Clearwater, Fla. Construction on this $109 million project began in early December. Expected to be completed in July 2014, it will reduce congestion by building two new interchanges, removing numerous traffic signals, and creating 12 miles of uninterrupted travel for the route’s estimated 89,500 daily drivers. The $45 million in ARRA funding made it possible to begin this project two years earlier than originally planned.

* I-405 “Braids” in Bellevue, Wash. In November, construction began on this $278.6 million project to help a Seattle suburb with traffic congestion of up to eight hours daily. The project will “braid” multi-level ramps to separate vehicles entering and exiting northbound I-405, add a bypass lane for eastbound traffic, and improve access from downtown Bellevue. When completed in late 2012, the project will reduce congestion, improve safety for drivers, and enhance pedestrian and bicycle access. The $30 million in ARRA funding helped this project start a year earlier than planned.

To date, the DOT has approved more than 11,300 transportation projects, worth $32.1 billion in Recovery Act funding, of which 7,600 projects are currently underway. In January, the DOT is set to announce $8 billion in grants for high-speed rail and $1.5 billion under the TIGER Discretionary Grants program, which will spur job creation as major national projects get underway.