Tax Rebate Check Schedule Starts In May

Tax Rebate Check Schedule Starts In May

The Tax Rebate check schedule currently has the checks going out in the month of May. This as a result of the recently approved $167 Billion economy stimulus package created to attempt to boost the sagging US economy. This passed the Senate, after a few snags, with a vote of 81-16 and then passed the House of Representatives with a 380-34 vote that sent it to President Bush's desk for his signature.

The initial projections are that over 130 million Americans will receive these tax rebate checks. The present tax rebate guidelines have most getting rebate checks in the range from $300 to $600. That is for people who have an income ranging from $3000 to 7500. They will also receive an additional $300 for each eligible child. Also, couples who earn in the neighborhood of $150,000 will get tax rebate checks of $1,200.

Many news agencies erroneously reported that this federal tax rebate was actually an advance of the 2008 tax refunds (the tax filing season being January 2009 to April 2009 for the income earned in 2008). This is not an advance on any future tax refunds, but is actually an additional tax credit for the year 2008 and is will not taxed by the federal or state governments.

It was determined that they would start sending the checks in May so as to give the IRS sufficient time to deal with the brunt of the regular tax filings from January to April before going on to the task the tax rebate checks mailings. Presently there is no official tax rebate check mailing schedule but the process should end sometime in September of this year.

Though many politicians have patted themselves on the back because of this legislation, it is still questionable whether the tax rebate checks will do what they were intended to do, and that is to stimulate the economy by placing money in peoples hands so that they could go out and spend it. Hence, stimulating the American economy.

The original tax rebate bill had been revised a few times because of political posturing and provisions placed inside for special interest groups. There was even a Republican threat of stalling its passage, but finally cooler heads prevailed. A major change that came about because of the many change suggestions was that now Social Security beneficiaries and a quarter of a million handicapped veterans and widows of veterans would also be eligible for these tax rebate checks. The original house bill actually left them out, but this little provision made it so that over an estimated 20 million additional people will now be eligible for these rebate checks.