The Recovery Rebates and Economic Stimulus for the American People Act is based on the economic stimulus package House leaders negotiated with the Bush Administration. The package includes two major components: rapid tax rebates for American households and tax incentives for businesses to invest, as well as provisions increasing the size of home mortgage loans that the Federal Housing Administration (FHA) can insure and that the quasi-governmental enterprises Fannie Mae and Freddie Mac can purchase. The tax rebates are valued at a maximum of $600 per individual and $1,200 per married couple, with an additional $300 for every child. Everyone with an income greater than $3,000 a year would be eligible -- including senior citizens living on Social Security and disabled veterans receiving disability benefits -- with the rebate amounts phasing out at higher income levels ($75,000 for individuals and $150,000 for couples). In total, the rebates are worth more than $100 billion. The business incentives are worth approximately $50 billion and include bonus depreciation – a temporary tax write off for all companies that purchase new equipment in 2008. In addition, small businesses can double their tax write offs for capital investments and new equipment. The home mortgage provisions temporarily increase the maximum mortgages that Fannie Mae and Freddie Mac can buy from $417,000 to $729,750. The bill would also allow the FHA to permanently insure mortgages as large as $729,750.