• In February of 2008, the United States Congress approved a $168 billion economic stimulus plan to help stave off economic recession. The bill includes tax rebates for many citizens and families, a rescue plan for distressed mortgages, and tax breaks for small businesses. In April 2008, it was announced that the rebate would actually go out a week or so early, thanks to a change at the IRS. The first checks arrived in homes during the last week of April 2008.

• Fast Facts

  1. The plan sent rebate checks to more than 100 million people
  2. Rebates based on 2007 tax returns that were due April 15
  3. Citizens must have filed a 2007 tax return to be eligible for a rebate
  4. Rebates mailed separately from tax refunds
  5. Economists say the impact of the stimulus package is unlikely to be felt in the economy until at least the third quarter of 2008

• Bipartisan Decision

  Democrats and Republicans came to an uncharacteristically swift agreement on the terms of the stimulus package, which President Bush outlined in his January 28, 2008, State of the Union address.

• How Much

  1. $600 for individuals with incomes of up to $75,000 a year
  2. Partial rebates for those earning $75,000 to $87,000
  3. Couples: $1,200 for those making up to $150,000 a year
  4. Families: additional $300 per child (up to age 17)
  5. Partial rebates for couples making between $150,000 and $174,000
  6. $300 for low income people—disabled veterans, veterans' widows, senior citizens

• When (By Last 2 Digits of SSN)

  1. Direct deposit payments
     • 00-20: May 2
     • 21-75: May 9
     • 76-99: May 16
  2. Paper check payments
     • 00-09: May 16
     • 10-18: May 23
     • 19-25: May 30
     • 26-38: June 6
     • 39-51: June 13
     • 52-63: June 20
     • 64-75: June 27
     • 76-87: July 4
     • 88-99: July 11

• Quote

  • "These rebates will begin reaching American families in May. And when the money reaches the American people, we expect they will use it to boost consumer spending, and that will spur job creation, as well."—President George W. Bush

• Related Pages on Mahalo

  George W. Bush | 2008 Recession | IRS | 2008 Economic Stimulus Plans | How to Spend Your Tax Rebate | How to File Your Taxes | How to Check Your State Tax Refund Status | IRS Rebate Calculator | How to Avoid a Tax Audit | Economic Stimulus Bill | What is in the 2009 Stimulus Package | How to Get Your Ohio State Tax Refund | What is a split refund | How to Get Tax Breaks

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