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.