This morning, the U.S. Treasury Department released a report assessing the impact of the American Recovery and Reinvestment Act of 2009 (“Recovery Act”). The Recovery Act, is the $787 billion economic stimulus bill, enacted in February, which provided, among other initiatives, for certain federal tax cuts and increased domestic spending in areas such as education, health care, energy, and unemployment benefits. The report provides state-by-state data on Treasury program funding and details the money provided under various newly created government programs, including Making Work Pay Tax Credit, Affordable Housing Payments, Renewable Energy Payments and various bond programs. Some of the highlights of the report include:

  • $66.1 billion in estimated tax benefits provided to individuals, families, and businesses through the implementation of various tax provisions;
  • $502 million in payments made to promote renewable energy production throughout the country;
  • $2.3 billion provided to 37 states to spur the development of affordable housing; and
  • $28.2 billion in Build America Bonds issuances to help 37 states finance a variety of public improvement

Treasury Deputy Secretary Neal Wolin stated, “In 200 days, the Recovery Act has made significant progress in revitalizing our communities and providing the basis for economic growth.” He went on to say that “[t]hrough innovative programs established by the Recovery Act, the Treasury department has provided tax relief to millions of families, supported increased development of affordable housing and clean energy projects, and provided new tools for states and communities to fund much needed infrastructure projects.”