By Staff
WASHINGTON -- Cass County's congressman, U.S. Rep. Fred Upton, joined President George W. Bush at the White House Wednesday for the signing of economic growth and tax relief legislation into law.
Upton, R-St. Joseph, said the legislation provides $330 billion in tax relief and $20 billion in relief for cash-strapped states.
Upton worked to insure Michigan will receive $705.5 million in relief -- $337.96 million in direct cash assistance and $367.55 million to help cover Medicaid costs.
Half of those funds will head to Michigan within the next 45 days.
The new law also includes Upton's provision to "speed up" accelerated depreciation even further, allowing businesses to write off certain equipment expenses.
Upton's bipartisan measure accelerates provisions in the Job Creation and Worker Assistance Act, which President Bush signed into law in March 2002.
The new law allows businesses to utilize a first-year, 30-percent accelerated depreciation allowance.
Upton's provision provides 50 percent expensing. Upton believes this will provide an immediate boost to the economy by encouraging businesses to purchase equipment this year and next.
Provisions