1 / 26

Overview of the Recovery Act in Tennessee

Overview of the Recovery Act in Tennessee. Mike Morrow, July 1, 2009.

base
Télécharger la présentation

Overview of the Recovery Act in Tennessee

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Overview of theRecovery Act in Tennessee Mike Morrow, July 1, 2009

  2. “I am proud of Tennessee's reputation for good government, and I want and expect us to be a model for other states in how we handle Recovery Act money sensibly – turning square corners, and with every nook and cranny of what we do and what we spend well-lighted and visible to the public.” – Governor Phil Bredesen

  3. Recovery Act Purpose • The American Recovery and Reinvestment Act of 2009 (ARRA) will: • Create and retain jobs • Invest in the economy to speed recovery • Build a foundation for long-term economic growth 3 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  4. Recovery Act Priorities • Modernize America’s infrastructure • Enhance our energy independence • Expand educational opportunities • Increase access to medical care • Provide tax relief • Protect those in greatest need 4 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  5. Recovery Act Funds • Dispersed by an array of methods: • Tax changes • Individual assistance • Formula grants • Discretionary competitive grants • Distributed via federal, state and local governments as well as nonprofit and community organizations • Rapid implementation required to put funds to work as quickly as possible 5 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  6. Tax Changes Making Work Pay Credit for 2009 and 2010 • $400 for individual filers • $800 for joint filers • Full credit provided up to incomes of: • $75,000 per year for individuals • $150,000 per year for married couples • Impact on take home pay, on average: • $33 more per month for individuals • $65 more per month for families 6 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  7. Tax Changes First-time home buyer tax credit • Up to $8,000 for purchases Jan. 1 – Dec. 1, 2009 • No payback requirement • Equal to 10 percent of the home’s purchase price up to the maximumof $8,000 Money Back for New Vehicle Purchases • Taxpayers can deduct state and local sales taxes on certain new vehicles bought in 2009 7 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  8. Tax Changes Earned Income Tax Credit(Tax Years 2009 and 2010) • Temporary increase in the EITC for taxpayers with 3 or more qualifying children Additional Child Tax Credit • Lowers the minimum earned income amount used to calculate the credit so more taxpayers qualify and increases the amount of the payments they may receive American Opportunity Credit(Tax Years 2009 and 2010) • More parents and students will qualify for help paying college expenses • Adds required course materials to list of qualifying expenses • Allows the credit to be claimed for four post-secondary education years instead of two 8 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  9. Individual Assistance Food Stamps Program • 13% automatic monthly increase Social Security and Supplemental Security Income (SSI) • $250 one-time payment to more than 50 million individuals Unemployment Insurance • $25 per week increase in benefits COBRA • 65% subsidy of COBRA premiums for eligible individuals Higher Ed Financial Assistance • Increases Pell Grant maximum award for eligible students from $4,850 to $5,350 • Creates new work-study opportunities for low- to moderate-income students 9 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  10. Formula Grants Formula grants may flow through organizations to benefit individuals: Nutrition for Seniors • Approximately 14 million meals delivered to homes and senior centers across the U.S. through programs like Meals on Wheels Access to Health Care • Funds for 126 new community health centers across the U.S. Low Income Weatherization • Assistance to low income families in weatherizing and improving the energy efficiency of their homes Jobs and Training • Summer jobs for youth • Training and employment for dislocated and low-income adults • Community service employment for older Americans 10 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  11. Formula Grants Formula grants for education: Fiscal Stabilization Funds • Delays or prevents cuts for pre-K programs, public schools and public institutions of higher education K-12 Education • Title I grants for basic school expenditures and technical assistance to schools • Individuals with Disabilities – special education, pre-school and early intervention • Education Technology 11 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  12. Formula Grants Formula grants for energy independence: Energy Efficiency and Conservation Block Grants • To develop local energy plans and energy assessments • Other programs and activities that result in long-term energy savings and provide jobs State Energy Programs • Funding to states to construct and carry out their own renewable energy and energy efficiency programs 12 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  13. Formula Grants Formula grants for transportation: Roads • Repair and build highways, roads and bridges Transit • Repair and build America’s public transportation infrastructure Aviation • Airport construction projects and investments in the air traffic control infrastructure 13 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  14. Formula Grants Formula grants for the environment: Clean Water • Water quality protection projects for wastewater treatment, storm water runoff pollution control and watershed management Drinking Water • Drinking water infrastructure, including new treatment facilities and improvements to prevent contamination due to aging infrastructure Underground Storage Tanks • Clean up sites with petroleum leaks from underground tanks and properly close sites abandoned by their owners Clean Diesel • Projects to reduce diesel emissions 14 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  15. Formula Grants Formula grants for justice assistance: Byrne Justice Assistance Grant Program • To prevent, fight and prosecute crime Crime Victims Assistance and Compensation • Support state compensation and assistance programs Internet Crimes Against Children • Enhance investigative response to predators using the Internet or other technology to sexually exploit children Violence Against Women • Transitional housing assistance for victims 15 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  16. Formula Grants Formula grants for homeless individuals: Education for the Homeless • To meet the special needs of students who are homeless FEMA Emergency Food and Shelter • Provided to agencies and non-profit organizations to provide food and shelter homeless individuals Homelessness Prevention (THDA) • Financial assistance and services to prevent individuals and families from becoming homeless or to help those who are to be quickly re-housed and stabilized • Additional grants for these services provided directly to local governments in Tennessee’s four largest urban areas 16 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  17. Competitive Grants Funding available nationally on a competitive basis in education, research and technology: » $8.2 billion National Institutes of Health research grants » $2 billion Health information technology » $1.1 billion Early Head Start for low income families » $100 million Teacher quality enhancement » $57 million Autism study » $15 million Preservation of historic structures on campuses of historically black colleges and universities 17 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  18. Competitive Grants Funding available nationally on a competitive basis in training and national service: » $750 million Training and job placement in high growth and emerging industries – renewable energy, health care » $200 million Dislocated worker assistance for people in job training in areas of high unemployment or poverty » $50 million YouthBuild program to help at-risk youth gain credentials as they build or rehab affordable housing » $39.2 million Organizations that host AmeriCorps programs 18 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  19. Competitive Grants Funding available nationally on a competitive basis in energy and natural resources: » $20 billion Renewable energy study and research » $4.5 billion Smart grid investments to modernize the nation’s electricity grid and make it more efficient and reliable » $400 million Energy efficiency improvements to reduce carbon emissions » $400 million Electric vehicle infrastructure for states 19 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  20. Competitive Grants Funding available nationally on a competitive basis in criminal justice: » $1 billion COPS grants to support hiring of career law enforcement officers » $225 million Byrne grants to support crime prevention, improve administration of justice and provide services to crime victims » $125 million Rural law enforcement to combat drug related crime » $43 million Housing and support services for victims of domestic violence, sexual assault or stalking 20 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  21. Competitive Grants Funding available nationally on a competitive basis in infrastructure and economic development: » $7.2 billion Broadband deployment and infrastructure in rural, unserved and underserved areas » $2 billion Purchase and rehab vacant foreclosed properties and create affordable housing to stabilize neighborhoods » $150 million To assist urban and rural communities with severe economic dislocation and job loss due to corporate restructuring » $20 million Small and emerging business enterprise grants for rural distance learning networks and adult education 21 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  22. Accountability • Unprecedented provisions for transparency and accountability • Mandatory provisions to identify and prevent fraud, waste and mismanagement • Detailed spending information at and www.staterecovery.org 22 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  23. Tennessee’s Online Resource www.TNRecovery.gov • News and updates • Documents and reports • Frequently asked questions • Links to state and federal agency recovery Web sites 23 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  24. The Road to Recovery 24 American Recovery and Reinvestment Act of 2009 Speed economic recovery ▪ Create and save jobs ▪ Provide needed services to Tennesseans

  25. The Road to Recovery • Speed economic recovery • Create and save jobs • Provide needed services to Tennesseans The American Recovery and Reinvestment Act of 2009

More Related