ISSUES: Economy
Highlights of the economic stimulus package signed by President Bush on March 9, 2002.
Estimates are five-year costs unless otherwise noted.
JOBLESS AID
• An additional 13 weeks of unemployment assistance, with a trigger allowing automatic renewal in states where the jobless rate exceeds 4 percent. Cost: $12.6 billion.
BUSINESS TAX CUTS
• Immediate 30 percent depreciation during each of the next three years for new investments made after Sept. 10, 2001, and before Sept. 11, 2004. Cost: $59.5 billion.
• For 2001 and 2002, the ability to deduct current-year losses from taxes paid up to five years ago. Cost: $4.3 billion.
NEW YORK AID
• Creation of a "Liberty Zone" in lower Manhattan where a variety of tax credits, deductions, tax-exempt bonds and other breaks would apply. Cost: $5 billion over 10 years.
TAX EXTENDERS
• Extension of 15 tax breaks that expired last year or will expire at the end of this year, including those affecting businesses that hire former welfare recipients, financial companies with overseas income, buyers of electric vehicles, companies that generate wind energy, and middle-class taxpayers who otherwise might have to pay the alternative minimum tax. Most extended for two years. Cost: $12.7 billion.
TEACHERS
• A tax deduction of up to $250 for out-of-pocket expenses paid by teachers for classroom supplies in 2002 and 2003. Cost: $409 million over three years.
