President Obama signed the $787 billion stimulus package into law yesterday. That's a ridiculous amount of money.
So what does Minnesota get out of it? A lot, analysts say.
The Pioneer Press went into the nitty-gritty of the bill to detail some of the cash coming to our state. Here are some highlights:
The state government will receive nearly half of the money, about $4.3 billion. This will help reduce our state deficit.
There's a tax cut in place for most Minnesotans. The cut, up to $400 for individuals and $800 for couples would be distributed this year and 2010. You'll see the cut in reduced paycheck taxes or about $8 a week in your take-home pay. Individuals earning up to $75,000 and couples making up to $150,000 will be eligible.
First-time homebuyers will qualify for up to $8,000 in tax credits on houses purchased before Dec. 1.
About 41,000 Minnesota families will qualify for $2,500 higher education tax credit.
If you lose your job, the stimulus funds will provide a 65 percent tax credit so you can keep your insurance through COBRA.
Public schools, colleges, and universities will get $668 million. About 100,000 Minneosta college students will see Pell Grants increase $500, up to a maximum of $5,350.
Minnesota will get more than $550 million for transportation projects over the next two years. About $448 million will go to roads and bridges.
Read the full PiPress story for even more Minnesota benefits in the bill.