Michigan Recovery and Reinvestment Plan michigan.gov/recovery 1 The Recovery Act in Michigan July,...
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![Page 1: Michigan Recovery and Reinvestment Plan michigan.gov/recovery 1 The Recovery Act in Michigan July, 2009.](https://reader030.fdocuments.us/reader030/viewer/2022032802/56649de65503460f94adfb75/html5/thumbnails/1.jpg)
Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 1
The Recovery Act in Michigan
July, 2009
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 2
The American Recovery and The American Recovery and Reinvestment Act (Recovery Act)Reinvestment Act (Recovery Act)
• President Obama signs the Recovery Act on February 17, 2009
• The largest investment increase in America’s roads, bridges and mass transit in 50 years
• The most significant expansion in tax cuts for low and moderate income households ever
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 3
Michigan’s Economic Plan Michigan’s Economic Plan is in Placeis in Place
Our plan aligns perfectly with President Obama’s goals: Create jobs and
diversify our economy Educate and train our
students and workers Protect our citizens
during tough times
The Recovery Act will accelerate our plan
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 4
Visit michigan.gov/recovery often for grant applications and the latest updates!
• Through existing programs
• Competitive grants• Tax cuts
How Will the Funds Come to Us?How Will the Funds Come to Us?
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 5
The Impact for MichiganThe Impact for Michigan
What does the Recovery Act mean for me?
• Total estimated benefit for Michigan: $18 billion
• Funding available for existing programs: about $7 billion
• Will create or save 109,000 jobs over the next two years
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 6
Financial Help for FamiliesFinancial Help for Families
• $400 tax cut for workersearning less than $75,000 ($800 if filing jointly)
• $5,657 Earned Income Tax Credit (increase of $629) for families with 3 or more children making up to $43,250/yr
• $1,000 per-child tax credit for families making more than $3,000/yr (minimum was $12,550)
• $250 payment to seniors and people with disabilities
• First-time Home Buyer Tax Credit increased from $7,500 to $8,000
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 7
Supporting FamiliesSupporting Families
• Senior Nutrition Services
– $3.1 million statewide
• Emergency Food and Shelter
– $4.5 million statewide
• Emergency Food Assistance Program (TEFAP)
– $5 million statewide
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 8
Helping Jobless WorkersHelping Jobless Workers
• Unemployment eligibility extended by up to 20 weeks (maximum of 79 weeks)
• $25 per week increase in unemployment benefits• Increase in Food Assistance - for example, about
$80 more per month for a family of four making less than $40,000 – 1.3 million Michigan families currently rely on Food
Assistance
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 9
Education & Training for CitizensEducation & Training for Citizens
• American Opportunity Tax Credit – up to $2,500 of college expenses will be tax deductible
• Pell Grants – maximum award for low income students will increase from $4,850 to $5,350 this fall
In addition…• No Worker Left Behind – More than 61,000 participants
statewide since 2007• MichiganWorks! Agencies received $136.5 million in
WIA funds – youth, adult, dislocated worker programs
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Helping Schools Helping Schools
• $2.2 billion statewide for:– Special education– Programs for at-risk students– Mitigating budget cuts
• $20 million for Head Start
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 11
Weatherization & Energy ConservationWeatherization & Energy Conservation
• Weatherization Assistance – a family of four making less than $44,000 can receive up to $6,500 for upgrades that save money on energy – $243 million for Michigan; 30,000 homes
• Energy Efficient Improvement Tax Credits – will triple maximum credit from $500 to $1,500
• Energy Efficiency & Conservation Block Grants (EECBG)– MI receiving $76.6 million: $57.6M in direct grants to 69
communities & tribal governments; $11.4M available through competitive grant process
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Providing Health CareProviding Health Care
• Pays for 65% of continued health coverage for citizens who have lost their jobs (COBRA)
• Significant Medicaid funding boost
– 1.6 million Michigan citizens rely on Medicaid health coverage
• $6.4 million for Michigan hospitals that serve large numbers of low-income patients
• $34.8 million for Michigan health clinics
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Protecting Home OwnershipProtecting Home Ownership
• Home Affordable Refinance Program– Provides access to low-cost refinancing– For homeowners with Fannie Mae or
Freddie Mac loans whose home valueshave dropped
– Homeowners must be current on mortgage payments
• Home Affordable Modification Program– Can reduce mortgage payments to make them more
affordable– For mortgages up to $729,750
Find out more at michigan.gov/mshdaor 866-946-7432
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 14
Strengthening Communities Strengthening Communities
Public Housing Modernization and Development• $53.5 million for public housing commissions in
Michigan• $31.7 million in Section 8 housing assistance• $34.6 million in Community Development Block
Grants
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 15
Investing in Public SafetyInvesting in Public Safety
• Michigan law enforcement agencies are eligible for $67 million to fight crime
• $16 million for restoration and modernization of military facilities (Camp Grayling, Detroit Arsenal, MI National Guard – Lansing Joint HQ, Alpena Combat Readiness Training Center)
• $4.5 million for child support enforcement in Michigan
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Roads & InfrastructureRoads & Infrastructure
• $873 million for statewide road and bridge projects, creating 25,000 jobs
• Over 843 lane miles will see improvements• $135 million for public transit
• Possible Chicago – Detroit – Pontiachigh speed rail corridor
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Strength Through DiversityStrength Through Diversity
• Disadvantaged Business Enterprise (DBE) Program– Certifies small businesses owned and controlled by minorities,
women and other socially and economically disadvantaged persons
– Statewide goal of 10.5% of federal transportation funds for DBE-certified firms
• Road Construction Apprenticeship Readiness (RCAR) Program– Free 8-week fast track program– Targets women, minorities and economically-disadvantaged
individuals– 58% of 2008 graduates have already found placements
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Helping Michigan BusinessesHelping Michigan Businesses
• Bonus Depreciation Extended– Businesses can immediately write off 50 percent of capital
expenditures as a deduction against current income – a $1.1 billion tax savings in the first year
• 5-Year Carryback of Net Operating Losses for Small Businesses– $165 million in tax savings in the first year
• Deferral of Certain Income from Cancellation of Debt– $120 million in tax savings in the first year
• Expanded Small Business Expensing– $36 million in tax savings for Michigan
businesses in the first year
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On the Web…On the Web…
• White House Recovery Portal: http://recovery.gov
• State of Michigan Recovery Portal:http://michigan.gov/recovery
• Michigan Community Service Commission:http://michigan.gov/mcsc
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