Economists say the bill may bring 7,400 jobs to the 1st District.
UPPER PENINSULA -- The federal stimulus package hasn't passed Congress yet, but it's expected to and to be signed by President Obama on Monday.
So what does it mean for the Upper Peninsula? Details are still being worked out, but here's a list of some of the possible benefits:
1) Most wage earners will get a $400 tax credit and families an $800 credit, perhaps as early as this summer. Withholding taxes would be reduced in pay checks, meaning we'll be taking home more money.
2) A homebuyer's tax credit of $8,000 will be given to those buying a house.
3) We'll get a car sales tax deduction if we buy a new car.
4) Social Security recipients will get a $250 payment.
5) Educational funding will total $54 billion nationwide. Exactly how it will be allocated is not clear yet.
6) Infrastructure funding will total $50 billion. Funding will be distributed by the states.
7) An estimated 7,400 new jobs will be coming to the 1st Congressional District, which includes the U.P. That's an estimate from economic advisors to President Obama and Vice President Biden.
Governor Jennifer Granholm says she's eagerly awaiting the release of the funds. Infrastructure projects that are "shovel-ready," that is ready to start within 90 days, will be eligible for the funds.
President Obama is hoping to sign the bill into law on Monday.
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