February 17, 2009 at 5:49 PM CST - Updated July 3 at 9:10 AM
The White House on Tuesday released state-specific details on the local impact of the American Recovery and Reinvestment Act. Below are links to tables and fact sheets outlining the expected impact.
The estimates are derived from an analysis of the overall employment impact of the American Recovery and Reinvestment Act conducted by Christina Romer, Chair of the Council of Economic Advisers, and Jared Bernstein, Chief Economist for the Vice President, and detailed estimates of the working age population, employment, and industrial composition of each state.
So, what can the average citizen expect from this? Here is a short breakdown:
Most individuals will receive a $400 tax credit starting in June
Most couples will receive an $800 tax credit starting in June
Those tax breaks will amount to an extra $13 in your paycheck each week.
College students will receive a $2,500 tax credit for 2009 and 2010 - if costs are more than $4,000.
First-time home buyers can qualify for up to $8,000 in refundable tax credits.
Those who receive Social Security will receive a one-time payment of $250.
Upper income taxpayers will receive a one-year fix for the alternative minimum tax, which will translate to about a $2,000 tax credit.
Those who have lost their jobs after Sept. 1, 2008, will have up to 65 percent of their insurance premiums subsidized through COBRA.
The $1,000 child tax credit will be extended.
No taxes will be tallied on the first $2,400 received in unemployment checks in 2009
Those who receive food stamps will receive more.
State and local taxes on new cars, trucks, motorcycles and SUVs can be deducted in 2009.
Pell Grants will offer more money.
Pre-tax income up to $230 can be set aside through your employer for public transit.
Those tax cuts make up about 1/3 of the package, with the rest going to spending initiatives such as infrastructure rebuilding, new federal programs and aid for state programs like Medicaid and "shovel-ready" projects.
$3.7 billion will go to local police programs to hire new officers.
Federal initiatives include bringing broadband Internet access to rural areas, construction of roads and bridges, environmental cleanup and others. Those projects are expected to provide 3.5 million new jobs.
Missouri became the first in the nation to begin work funded by the stimulus plan. Just minutes after the president signed the bill, crews began working on a rural bridge near the state capitol.
The Missouri Department of Transportation anncounced some projects of their own.
The projects are all over the state and several in southeast Missouri.
Those include several resurfacing road projects, a new rail line at the Semo Port Authority in Scott County, and overlaying the runway at the Sikeston airport among other.
The work was already underway Tuesday. Rock fromt the Delta Companies, Inc. quarry will be used in an improvement project of Interstate 55 in New Madrid and Pemiscot counties.
About $50 million of the $640 million MoDOT will receive from the stimulus plan will be kept in southeast Missouri. The projects are slated to create 14,000 jobs across the state.
One of those projects from the stimulus plan has already helped a local company that had planned to shut down their quarry for three months because of lack of business.
The MoDOT projects on deck are ready within 90 to 180 days to meet the stimulus impact.