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Article: Tax Rebate Checks as Economic Stimulus: Consequences of the Economic Stimulus Act of 2008 for Individual Taxpayers
- Article from:
- The CPA Journal
- Article date:
- August 1, 2008
- Author:
CopyrightCopyright New York State Society of Certified Public Accountants Aug 2008. Provided by ProQuest LLC. (Hide copyright information)
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The Economic Stimulus Act of 2008 that was signed into law on February 13, 2008, includes a broad rebate program for individual taxpayers. In general, individuals with earned income between $3,000 and $75,000 receive $600. A couple filing jointly with earned income between $3,000 and $150,000 receives $1,200. In addition, individuals or couples with qualifying children-defined as any child with a valid Social Security number and eligible for the child tax credit [IRC section 24(c)]-will receive an additional $300 per child [IRC section 6428(a)].
The rebate's amount and eligibility are limited as follows:
* Phase-outs for high-income taxpayers. Individuals (married couples filing joindy) ...