House passes $819Billion

The House passed an $819 billion economic stimulus package. It was passed on a 244-188 vote.

The House stimulus package includes aid to states and localities to help them avoid cuts in Medicaid coverage and school funding.

Businesses would get $20 billion in tax cuts under the legislation. The bill would extend provisions enacted for 2008 that allow businesses of all sizes to depreciate 50 percent of investments in new equipment immediately.

The bill also would extend unemployment benefits and give unemployed workers subsidies for health care coverage. The legislation also would fund infrastructure improvements and investments in energy efficiency and alternative energy projects.

Most of the tax relief in the bill would go to individuals, including a $500 refundable tax credit for low- and middle-income workers.