Minnesota snags $9 billion in stimulus aid, 66,000 jobs

Photo by Larry Kanfer Photography
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 White House estimates that Minnesota will save or create a total of 66,000 jobs. Wisconsin beat us out with 70,000 jobs, followed by Iowa (37,000), South Dakota (10,000) and North Dakota (8,000).

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.

Sponsor Content

Now Trending

Minnesota Concert Tickets

From the Vault