Tuesday, February 03, 2009

Stimulus Watch: Puerto Rico one of the 57 States Obama Talked About

Projects in Puerto Rico

The total of cost of all the projects submitted by Puerto Rico is $22,093,054,016.00

Here is some slick wording on the part of the group.

StimulusWatch.org was built to to help the new administration keep its pledge to invest stimulus money smartly, and to hold public officials to account for the taxpayer money they spend. We do this by allowing you, citizens around the country with local knowledge about the proposed "shovel-ready" projects in your city, to find, discuss and rate those projects. These projects are not part of the stimulus bill. They are candidates for funding by federal grant programs once the bill passes.

The projects are not part of the stimulus bill. They are candidates for funding by federal grant programs once the bill passes.

So once the stimulus bill passes, the projects are candidates for the funding. You have to love lawyers who are politicians.

Puerto Rico to receive tax stimulus

SAN JUAN, Puerto Rico: Resident Commissioner Pedro Pierluisi announced Sunday that some 900,000 taxpayers could receive a tax credit ranging from $500 to $1,000 as part of US President Barack Obama's stimulus package, which is currently being evaluated by US Congress and includes Puerto Rico due to its territorial status.

According to the resident commissioner in Washington DC, his office preliminary estimates show that the legislation being evaluated by US Congress could award Puerto Rico up to $5,000 million within the next two years.

"The analysis hasn’t concluded. It’s a very complicated measure with different formulas and it’s still being evaluated by Congress," Pierluisi said.

He added that his office had originally estimated that Puerto Rico would receive some $2,500 million from the federal stimulus package.

But as Puerto Rico has now been included in the tax credit package as well, the money that could be granted to the Commonwealth represents an additional $900 million within the next two years.

Pierluisi requested some $5,000 million for Puerto Rico as part of Obama's economic recovery plan, but added that the amount requested is not necessarily the amount that will be assigned to the island.

Once the stimulus package is granted to Puerto Rico the money will be sent to the Treasury Department and the credit will be awarded to tax payers as employers will take out less money out of their workers checks.

All tax payers that make between $8,100 and $75,000 a year will receive a $500 tax credit, if workers file taxes with their spouses they will receive a $1,000 tax credit that is if they don't earn more than a combined $150,000 annual income.

Workers that earn more than $75,000 a year will receive some sort of tax credit but the amount of money granted will be less than those that make less money and workers that make $150,000 or more a year won't receive a tax credit at all.

"The federal disbursement would be sent to the Treasury Department, but subject that the money arrives promptly to the island's tax payers," Pierluisi said.

A substantial portion of the funds Puerto Rico will receive will be used for infrastructure projects, school improvements and building new schools, fixing highways and other transportation related projects.

In its totality, Obama's plan calls for some $275 billion in tax cuts and $550 billion in investments plus the creation of millions of jobs.

Some key components in Obama's stimulus package include $90 billion for infrastructure, $54 billion to boost renewable energy sources, $87 billion for medical care for low income individuals and $79 billion to help schools and colleges prevent cutbacks.

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