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US government begins tax rebates to stimulate economy

  Tax  -   POSTED: 2008/04/28 18:11

The US government began giving out tax rebates Monday in hopes the instant cash will spark consumer spending to revive an economy many analysts believe is in recession. The Internal Revenue Service (IRS) said it had begun to transfer economic stimulus payments to "millions of Americans," some of whom would see payments in their bank accounts the same day. The first beneficiaries will be people who have filed 2007 tax returns, which were due on April 15, and requested any refund to be deposited directly into their bank accounts, the IRS said in a statement.

Rebate paper checks will be mailed to those who did not opt for an electronic transfer, beginning on May 9. The IRS will issue payments of up to 600 dollars (1,200 dollars for married couples), plus 300 for eligible children younger than 17.

The rebates are available to individuals who have income of less than 75,000 dollars a year, or 150,000 dollars for a couple. People who have no requirement to file a tax form must have at least 3,000 in qualifying income, such as earned income and pension benefits, and file the form to receive a rebate.

Rebate checks will continue to be mailed through mid-July. For those who did not file by the April 15 deadline, there may be a delay in receiving the rebates, the IRS said.

The stimulus plan is expected to cost 152 billion dollars this year.


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