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 Treasury Announces $600 Million in Recovery Act Funds for Working Families in Puerto Rico More than One Million Residents of Puerto Rico Expected to Receive Making Work Pay Tax Credit Payments


7/22/2009

 

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WASHINGTON – As part of the American Recovery and Reinvestment Act (Recovery Act) effort to jumpstart the economy by providing tax cuts to working families, the U.S. Department of the Treasury today announced the disbursement to Puerto Rico of $600 million that is expected to benefit more than 1 million Puerto Rico workers. 

"Disbursing payments to working families in Puerto Rico is part of Recovery Act efforts to get the economy back on track," said Deputy Secretary Neal Wolin. "Throughout the United States, the Recovery Act is revitalizing communities by funding the construction of schools and affordable housing units, providing tax breaks to help parents send their children to college, and giving more than 95 percent of workers a tax break."

Available for tax years 2009 and 2010, the Making Work Pay credit is 6.2 percent of a taxpayer's earned income, subject to certain limitations.  The maximum credit for a married couple filing a joint return is $800, while other taxpayers may receive credits of up to $400. More than one million workers in Puerto Rico are expected to qualify for the tax credit this year.    

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