(Reuters) - Democratic leaders in the U.S. House of Representatives proposed an $825 billion economic stimulus package on Thursday, with $550 billion in spending to create jobs and $275 billion in tax cuts.
The legislation is expected to be discussed by two House committees as early as this week with the aim of sending a final bill to the White House by mid-February.
The Democrats’ bill would create a website, www.recovery.gov, to track spending projects and a seven-member board to oversee the management of them.
Other highlights include:
* Expand so-called net operation loss carryback period to five years from the current two years. The change would let banks, home builders and other companies accelerate the use of allowable deductions. The tax break would not be allowed for banks that received taxpayer money from the Treasury Department’s Troubled Asset Relief Program (TARP).
* Speed up depreciation deductions for businesses investing in new plants and equipment.
* Nearly double the amount small businesses can immediately write off on taxes for capital investments and new equipment.
* Give businesses tax credit to hire veterans, youths.
* $30 billion for highway construction.
* $19 billion for clean water, flood control, and environmental restoration investments.
* $10 billion for transit, rail to cut traffic congestion and gas consumption.
* $6 billion to buy buses, equipment for public transit.
* $3 billion for airport improvement projects to improve safety and reduce congestion.
* $1.1 billion to improve speed, capacity of intercity passenger rail service.
* $2 billion to modernize existing transit systems.
* $1 billion for grants for new commuter rail projects.
* $79 billion in state fiscal relief to prevent cuts to key services.
* $39 billion to school districts, public colleges, universities via existing state and federal formulas.
* $26 billion to build new K-12 schools and for higher education construction.
* $15.6 billion to increase Pell grants for college students.
* $6 billion for higher education modernization.
* $31 billion to modernize federal, other public infrastructure with investments for long-term energy savings.
* $11 billion for research and development, pilot projects, and federal matching funds to modernize electricity grid.
* $8 billion for loans for renewable energy power generation and transmission projects.
* $6.9 billion for state, local governments to improve energy efficiency.
* $6.7 billion for renovations, repairs to federal buildings, especially for energy efficiency improvements.
* $2.4 billion for carbon capture and sequestration technology demonstration projects.
* $2 billion for advanced vehicle battery loan guarantees and grants.
* $500 million for energy-efficient manufacturing demonstration projects.
* $87 billion to states, increasing through the end of FY 2010 the share of Medicaid costs the Federal government reimburses all states by 4.8 percent, with extra relief tied to rates of unemployment.
* $30.3 billion to extend health insurance coverage to the unemployed beyond 18 months provided under current law.
* $8.6 billion to provide full federal funding through 2010 for state Medicaid coverage of unemployed.
* $4.1 billion for preventative care and to evaluate the most effective healthcare treatments.
* $3.75 billion for Pentagon to build hospitals and ambulatory surgical centers.
* $3 billion to fight chronic and infectious diseases.
* $950 million to repair, modernize veterans hospitals.
* $900 million for biomedical research, pandemic flu preparation, cybersecurity at Health and Human Services Dept.
* $20 billion for health information technology to prevent medical mistakes, provide better patient care.
* $6 billion to expand broadband Internet access for businesses in rural areas.
* $1 billion for school technology, computer labs.
* $400 million for Social Security Administration to replace its computer center.
* $276 million for State Department to upgrade technology to meet stricter security needs.
* $245 million for Farm Service Agency to upgrade technology to handle workload increases.
* $6.2 billion to help low-income families weatherize homes, cut energy costs.
* $5 billion for public housing repair, modernization.
* $4.2 billion to help communities buy, rehabilitate foreclosed properties for affordable housing.
* $1.5 billion to help local communities build, rehabilitate low-income housing using green technologies.
* $6 billion in loans to help communities upgrade wastewater treatment systems.
* $4.5 billion for environmental restoration, flood protection, hydropower, and navigation infrastructure.
* $2 billion in loans for drinking water infrastructure.
* $800 million to clean up hazardous, toxic waste sites.
* $27 billion to continue unemployment benefits up to 33 weeks until the end of 2009.
* $4 billion for job training including formula grants for adult, dislocated worker, and youth services.
* $10 billion for science facilities, research.
* $3.1 billion for projects on federal lands such as visitor facilities, historic buildings, rehabilitation of abandoned mines and oil fields.
* $2.1 billion to repair military facilities.
* $1.2 billion for new construction and $154 million for renovations to improve military housing.
* $650 million to extend coupon program to help Americans convert TV sets to receive digital transmission.
* $430 million in loans and loan guarantee authorities to stimulate loans to small businesses.
A copy of the House Democrats' bill was posted here .