Highlights of Senate economic stimulus plan

From Associated Press:

Highlights of the economic recovery plan drafted by Senate Democrats and President-elect Barack Obama's economic team. Most provisions expire in two years. Other spending items are to be released later on Friday.

CASH PAYMENTS

Seniors, disabled and veterans — $300 payments to Social Security beneficiaries, and $300 payment under the Supplemental Security income program for elderly and disabled people living in poverty. Veterans receiving disability or pension payments would also receive $300. The cash payments are one time only.

TAXES

Individuals — $500-per-worker, $1,000-per-couple tax cut for two years, costing about $142 billion; greater access to the $1,000 per-child tax credit for the working poor; expanding the earned-income tax credit to include families with three children; a $2,500 college tuition tax credit; $7,500 tax credit for middle-income, first-time home buyers who purchase homes in the first half of 2009; temporarily suspends taxation of unemployment benefits.

Businesses — An infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two; bonus depreciation for businesses investing in new plants and equipment; a doubling of the amount small businesses can write off for capital investments and new equipment purchases.

Energy — $31 billion in tax credits to boost renewable energy production and promote energy efficiency, including making it easier for money-losing companies to benefit from energy tax credits. Makes tax credits for energy-efficient homes more generous.

SPENDING

Aid to the poor and unemployed — $40 billion to provide extended unemployment benefits through Dec. 31, increase them by $25 a week and provide them to part-time and other workers.

Health care — $27 billion to subsidize health care insurance for the unemployed and provide coverage through Medicaid; $87 billion to help states with Medicaid.