Just a little over two weeks ago, the President signed into law sweeping legislation to provide an economic boost to the U.S. economy.  This package includes over $100 billion in tax rebate checks for American workers, disabled veterans and their widows, and seniors living on Social Security.
 
More than eight million families in New York will receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.  The legislation also includes tax cuts for small businesses, doubling the amount small businesses can immediately write off their taxes for capital investments, and encouraging investments in new equipment.
 
Below are some Frequently Asked Questions about the Economic Stimulus Package and how it will impact you and your family. Please remember, each family's tax situation is different and you should only use this information as a point of reference:
 
1) Who gets a rebate? -- Anyone who pays taxes or earned at least $3,000 in 2007, including Social Security or veterans' disability benefits. Singles with incomes of more than $75,000 and couples with incomes of more than $150,000 will only get partial rebates.
 
2) What do you have to do to get the rebate? -- Eligible taxpayers must file a 2007 tax return with a Social Security number for the filer, as well as any spouse or dependent children.  Just file your tax return as normal, and the IRS will send your check starting in May.
 
3) How much will the rebate be? -- Single taxpayers will get a rebate of at least $300, with couples receiving at least $600.  The rebate will equal the taxes paid for 2007; up to $600 for singles and $1,200 for couples, plus an additional $300 per child.  That amount will be reduced by $50 for every $1,000 earned above the income limits of $75,000 for singles and $150,000 for couples.
 
4) What age does my child have to be to get an additional $300 rebate? -- The child must be listed as under 17 years of age on your 2007 tax returns.  This mean your child must have been under 17 years of age as of December 31, 2007.
 
5) Is there a cap on the number of children under 17 one can claim to get the $300 child rebate? -- NO - there is no cap. For example, if you qualify for the $300 child rebate, and have 5 children, you get a total of $1,500.
 
6) Will the government mail me a check? -- Rebate checks will be sent by the same method you use to receive your normal refund check into your bank - the IRS will use this same Direct Deposit information for your rebate check. If you normally receive your refund check in the mail as a paper check from the IRS, this is how you will receive your rebate check.
 
I hope that this information will be a valuable resource for understanding how the Economic Stimulus Package will affect you and your family. Please do not hesitate to contact my office if you have any further questions.
 

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