|02-02-2010, 02:22 PM||#1|
Angling in the Deep
Join Date: Oct 2003
Location: Texas Riviera, Southern Mountains
What the 2011 Budget Means For Colorado
Since just about every state is out of money these numbers will provide a large measure of relief I would assume.
Some of the areas that will benefit...
State-by-State Fact Sheets
The Budget and Colorado
For Colorado, the President’s Budget means lower taxes, better teachers and classrooms, and important investments in our roads, highways, and airports. It means more ways for our students to afford college. The Budget means expanded support for the families of our service members. The President’s plan offers important support for states as they face very difficult choices, expanding resources for Medicaid and law enforcement. Most importantly, the Budget lays a new foundation of economic growth and job creation for Colorado and the nation.
Key Investments for Colorado
* Tax cuts for 1.8 million families.
* $609.6 million for schools, students, and teachers.
* $820.5 million to fix and expand the state’s network of roads and highways, modernize airports, and expand water and sewer infrastructure.
* $510.4 million in new funding for Pell Grants to help families pay for college.
* $309.3 million for housing assistance.
Create Jobs, Cut Taxes, and Support Our Families
The President’s Budget is a plan to create jobs, help middle-class families, and get America moving again. It is a major step toward a new foundation for job creation and long-term economic growth. It cuts taxes, creates innovative programs to help families, and invests in our children’s future.
Key Budget Highlights:
* Extend for another year the broadest tax cut in American history – the Making Work Pay Tax Credit – for 110 million American families, including 1.8 million families in Colorado.
* Increase the child care tax break by providing a 35 percent credit for middle-class families earning up to $85,000 a year and at least some additional credit to families earning up to $113,000. Families could claim up to $3,000 in expenses for one child or $6,000 for two children. Many middle-class families with two children will see value of the credit nearly double, from $1,200 to $2,100.
* Expand child care funding for working parents by adding $1.6 billion to the Child Care Development Fund, the largest one-year increase in 20 years, to serve an additional 235,000 children. For Colorado, the Budget includes $86.8 million in child care assistance.
* Deploy future TARP funds to assist homeowners threatened with foreclosure and small businesses needing access to affordable credit.
Prepare Our Children for the Jobs of the Future
From unlocking the cures of tomorrow to creating clean energy industries, from growing our economy and creating jobs to securing our nation in the years to come, there is one constant in addressing these challenges: they all depend on providing our children with a world-class education. It is a central pillar of the new foundation we must lay for our economy.
Key Budget Highlights:
* $609.6 million for Colorado to develop better teachers and classrooms to meet 21st century challenges – part of a record level of funding for the nation’s schools to foster educational excellence, improve student achievement, and reward successful outcomes to prepare our nation’s children for global competitiveness.
* $900 million nationwide – a $354.4 million increase – for School Turnaround Grants to help provide the resources needed to turn around the lowest-performing schools.
* $1.4 billion to enhance the President’s Race to the Top challenge and to expand the competition from states to school districts that are ready for comprehensive reform.
* $300 million in new grants to develop and implement curricula and improve teaching and learning in science and math.
* $150 million to competitive grants for school districts, nonprofits, and other organizations to test, validate, and scale promising strategies to improve teaching and accelerate student learning in science, technology, engineering, and mathematics.
* Raise the maximum Pell award to $5,710, and increase the funding available to Colorado students to $510.4 million. This will help nearly 137,000 students in the state to afford college.
* Make it easier for low-income students to repay their loans by reducing monthly payments and can have their remaining debt forgiven after 20 years.
Help Small Businesses to Create Jobs and Get the Economy Moving Again
The President’s Budget supports small businesses in Colorado, which are creating economic opportunities and putting people to work throughout the state. The Budget expands important support for businesses and entrepreneurs to give them access to capital and expertise to hire more workers and more effectively compete in the 21st century economy.
Key Budget Highlights:
* A one-year elimination of the tax on capital gains from new investments in small business stock. The Recovery Act allowed a 75 percent exclusion from capital gains taxes on small business investments.
* $17.5 billion in 7(a) loan guarantees that will help small businesses operate and expand, with an expanded loan level from $2 million to $5 million.
* $7.5 billion in guaranteed lending for commercial real estate development and heavy machinery purchases.
* $250 million to support affordable lending in low-income communities through targeted support to Community Development Financial Institutions.
* Extend through 2010 the Recovery Act provision that allows small businesses to immediately expense up to $250,000 of qualified investment.
* $3 billion in Small Business Investment Company loans to support new businesses and new jobs through early-stage and mezzanine small business financing.
* $25 million in direct microloans to support small loans to emerging entrepreneurs and other promising but "un-bankable" borrowers.
* $250 million in financial support will help these local financial institutions offer affordable loans to small businesses, consumers, nonprofit developers, and home buyers in communities that lack access to affordable credit.
* $534 million, a 20 percent increase, to launch a National Export Initiative, part of a broader federal effort to open new markets to American products and create new American jobs.
Make Health Care More Affordable, Accessible, and Secure