WASHINGTON - A US House of Representatives panel on Thursday approved a US$304 billion (S$455 billion) package of business and individual tax breaks and aid to the unemployed that is to be part of the huge US$825 billion economic stimulus sought by President Barack Obama.

The tax writing House Ways and Means Committee approved the package, which provides US$275 billion in tax breaks, on a largely party-line vote.

The package includes a temporary refundable tax credit for workers, up to US$500 per individual and US$1,000 per couple.

It also includes tax incentives for renewable energy and allows builders and other companies to write off current losses against five previous tax years. Currently businesses can write off losses against two previous years.

The bill also provides money to help the unemployed keep health insurance coverage.

The package will be combined with other elements of the proposed stimulus, which the House is expected to vote on next week. -- THOMSON REUTERS