The economic stimulus package approved by the Senate Finance Committee last week came up one vote shy in the full Senate Wednesday. The Finance Committee bill would have expanded the House passed bill to extend rebates to millions of senior citizens and disabled veterans, eliminated AGI limits on those who would receive rebates, extended unemployment insurance from twenty-six weeks to thirty-nine weeks, and extended several expiring energy-related provisions. The Senate yesterday voted 81–16 in favor of a more limited expansion of the House bill, extending rebates to low-income seniors and disabled veterans, but excluding provisions related to unemployment insurance and energy incentives. The House accepted the Senate’s amendment by a vote of 380–34, clearing the bill for the President’s signature. Among the more salient features of the final bill are the following:

• Tax rebates of between $300 and $600 for individuals; between $600 and $1,200 for couples;
• Additional $300 per child for those receiving rebates;
• In order to be eligible, a taxpayer has to have earned $3,000 in qualifying income in 2007 or paid $1 or more in taxes that year;
• Qualifying income includes Social Security benefits and veterans disability and survivor benefits;
• The amount of the rebate is phased out at a rate of 5% of AGI beginning at $75,000 ($150,000 for couples);
• Businesses may choose between 50% bonus depreciation for property placed into service in 2008 or increased §179 expensing up to $250,000 with a phaseout threshold of $800,000; and
• A temporary increase in the conforming loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Authority.

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