What’s in the Stimulus Plan? Read the Full Text of American Recovery and Reinvestment Act of 2009

With the passage of the stimulus bill, officially called the American Recovery and Reinvestment Act of 2009, by the U.S. Senate on Friday, the stimulus plan as approved by Congress now awaits President Obama’s signature before it takes effect. Totaling $787 billion, and coming in at a massive 1,071 pages, there are grumblings that the bill was “rushed” through congress, not giving enough time for the senators and representatives to actually read the entire bill in its final form.

Some of the highlights that might directly affect individuals include:

A $400 payroll tax credit for individuals, $800 for couples. The full credit will be applied to individuals making less than $75,000, and couples less than $150,000. Partial credits will be applied to individuals making up to $100,000 and couples up to $200,000.
AMT tax relief
A $250 credit for those who do not pay taxes such as retirees and those on disability.
An $8000 credit for 1st time home buyers, who purchase a house between Jan 1 and Dec 1, 2009. Unlike the previous $7500 home buyers credit, this does not have to be paid back.
Sales tax deduction for those who purchase a new car in 2009

The bill also provides billions of dollars in unemployment benefits, food stamps, medical care, job retraining and more to those hit hard by the recession. It also includes billions for a variety of other social programs, many of which are unlikely to create or preserve jobs. Do you think the stimulus bill will really stimulate the economy? I am not convinced at this point, but I would love it if I was wrong.

Want to read the full text of the stimulus bill and find out what is really in there?

Below are links to the 2 parts of the stimulus bill, in pdf format, if you are interested in finding out for yourself where all of that money is really going.

Recovery Bill-Part A

Recovery Bill-Part B