Markey, Kerry Support Stimulus Bill

Senator John Kerry is pictured at left speaking at the dedication of Medford’s veterans’ memorials in October of 2007. Photo by Alexander Svirsky.

Story Updated 12PM Wednesday, February 18, 2009

Senator John Kerry (D-Massachusetts) and Congressman Ed Markey (D-Malden) voted in favor of the $787 billion economic stimulus bill that was approved by Congress on Friday and signed into law by President Barack Obama on Wednesday.  Reportedly $6-9 billion is headed to Massachusetts over the next couple of years.  Sen. Kerry calls the bill an “essential down payment” toward economic recovery while Rep. Markey says the bill will create thousands of jobs.  Below are their statements:

Sen. John Kerry: Reinvestment Plan “An Essential Down Payment” Towards Economic Recovery; Banks Must Now Be Recapitalized,

“Today, we’ve taken a big step toward digging out this dismal economic downturn,” said Senator Kerry. “This bill is an essential down payment towards a comprehensive economic recovery. But it won’t work unless we immediately solve our bedrock economic problems starting with recapitalizing our banking system and repairing our housing market.”

The following are provisions included in the American Recovery and Reinvestment Act of 2009 that were authored by or previously introduced by Senator John Kerry:

High Speed Rail: As a result of Senator Kerry’s work, the bill includes $8 billion for grants for investments in high-speed rail corridors. The rail provision allows transit projects to receive tax-exempt financing and requires that high-speed trains must be reasonably expected to reach 150 miles per hour. The bill also includes a provision modeled after Kerry’s legislation that would exempt interest from private activity bonds from the Alternative Minimum Tax, including interest from high-speed rail bonds. This change would make bonds more attractive to investors. Investments in high-speed rail can be used to help make necessary improvements to the Northeast corridor.

Youthbuild:Senator Kerry secured $50 million for YouthBuild programs nationwide. YouthBuild provides critical job skills to at risk 16 to 24 year olds. The program’s participants also help build quality, affordable housing in communities that desperately need it. As a result of this funding more young people will be able to participate in YouthBuild.

Make Work Pay:The “make work pay” provision, as originally drafted, would have excluded federal, state and local retirees who do not participate in Social Security from the $250 payment. Kerry’s amendment fixes the provision to ensure that retirees across the country who do not receive the “make work pay” tax credit or economic recovery payment and do not participate in Social Security are eligible for the onetime payment.

Earned Income Tax Credit (EITC):Senator Kerry secured two reforms to the Earned Income Tax Credit (EITC) that will decrease the penalty for married couples and increase the tax credit for families with three or more children (an increase of about $600 in the credit). These two provisions will help a total of 7.7 million families nationwide. In Massachusetts an additional 12,000 taxpayers will be eligible for the EITC and a total of 90,000 people will benefit from a 6.2 percent increase in the amount of their tax credit.

Alternative Minimum Tax (AMT):A provision included in the bill will exempt private activity bonds from the Alternative Minimum Tax (AMT). This provision is based on S. 138, legislation authored by Kerry. This will help increase the flow of capital into state and local bonds and will help create jobs and spur economic growth.

Invest in Small Businesses Act:A bill sponsored by Senator Kerry to increase the 50 percent capital gains exclusion to 75 percent for investment in small businesses was included in the recovery package. This provision will help small public companies get access to additional investors to allow them to create jobs. This will especially be helpful for technology and energy efficiency companies like green technology and bio technology.

Renewable Energy and Conservation:Senator Kerry played a key role in securing energy tax provision increases including a long term extension of provisions that provide tax incentives for the production of renewable energy and tax credits for conservation. Senator Kerry fought to increase the amount spent on energy tax incentives.

College Education Tax Credit:The bill includes an education tax credit similar to the credit in Senator Kerry’s “College Opportunity Tax Credit Act of 2009,” which helps students and parents afford all four years of college. The provision would create a $2,500 higher education tax credit that is available for the first four years of college and a portion of the credit is refundable.

Industrial Development Bond (IDB) Program:A provision introduced by Senators Kerry and Snowe (R – ME) to expand the Industrial Development Bond (IDB) program to high-technology and biotechnology uses was included in the recovery package. The small-issue IDB program has given state and local governments a low-cost source of financing to create and retain jobs in manufacturing plants.

Small Business Lending:A plan introduced by Senators Kerry and Schumer (D-N.Y.) to provide $636 million to eliminate fees for Small Business Administration loan programs. This will stimulate lending to small businesses and create jobs.

Rep. Ed Markey: MA 7th District Will See Immediate and Long-Term Benefit from American Recovery and Reinvestment Plan

Rep. Markey hails today’s signing by President Obama of his historic plan to create jobs and boost the economy

Representative Edward J. Markey (D-Malden), who chairs key energy and global warming committees in the House, hailed today’s signing of critical legislation to create and save 3.5 million American jobs. President Obama’s job creation package passed by Congress will rebuild America , making us more globally competitive and energy independent, and transforming our economy for long-term growth; give about 95 percent of American workers an immediate tax cut; and invest quickly in the economy.

“Today, President Obama signed into law a historic plan to create or save more than 3 million jobs, taking a critical step towards putting the American economy back on track,” said Rep. Markey. “Just three weeks after President Obama’s inauguration, we have taken the bold action needed to get the American economy moving again and provide opportunities for people to get back to work.”

“I am very pleased that the bill provides funding for clean energy technologies, which will be particularly beneficial to our local economy. With local companies leading the way, Eastern Massachusetts will help kick-start the green revolution.”

“This economic recovery plan will create American jobs now, provide tax cuts for about 95 percent of Americans and lay a foundation for long-term growth through clean energy, innovation and education. I am especially glad to see that the bill will provide an estimated 7,700 jobs right here in the 7th district,” said Rep. Markey.

This jobs and economic recovery plan will:

Create or save a projected 7,700 jobs here in Massachusetts ’ 7th District (out of 79,0000 state-wide) over the next two years.

Provide a Making Work Pay tax cut of up to $800 for over 2.5 million workers and their families, designed to start paying out immediately into workers’ paychecks, as well as tax cuts to spur businesses large and small.

Transform our economy with clean, efficient, American energy and innovation and technology that will create more than 1 million jobs.

Lower health care costs and improve care by computerizing medical records, consistent with patient privacy, which will create hundreds of thousands of jobs, and help those who cannot afford health care in these tough times.

Modernize roads and bridges to create jobs with an extra $437,865,255 here in Massachusetts along with other critical infrastructure like high-speed rail, the boldest investment since the creation of the interstate highway system a half century ago.

Modernize schools and make college more affordable with improved Pell Grants for the 103,202 Pell Grant recipients here in Massachusetts and a higher education tax credit for 71,000 students in our state.

Saving vital jobs, including teachers, police officers, health care workers, and protecting the important services they provide.

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Track Massachusetts’ cut of the money on www.mass.gov/recovery