Economic Stimulus
In an effort to kick-start the national economy, Congress and the President worked together to complete an economic stimulus bill that will put money in the pockets of struggling American families. H.R. 5140, The Recovery Rebates and Economic Stimulus for the American People Act of 2008, includes tax rebates of up to $600 for individuals and up to $1,200 for married couples, plus $300 per child. A total of 130 million households – more than 4.5 million in Michigan – will receive a check. Also helped by the economic stimulus package are:
Millions of seniors and thousands of disabled veterans.
Families facing foreclosure can apply for temporary loan opportunity expansions. Congress has also increased loan limits for at-risk families through the Federal House Administration, Fannie Mae and Freddie Mac.
Small business will receive tax breaks on plant expansions or new equipment.
Press Releases
(February 7, 2008) Latest Stimulus Package a Victory for Seniors, Working Families(audio available)
(January 25, 2008) Stupak Calls for Further Economic Stimulus
Frequently Asked Questions
Am I eligible for a stimulus check?
Generally, you are eligible if you file your 2007 income tax return reporting tax liability or have earned income, Social Security income, Railroad Retirement benefits, or disabled veterans’ benefits of more than $3,000. The credit phases out for those taxpayers with an adjusted gross income of $75,000 ($150,000 for a joint return) or more. If you are claimed as a dependent on someone else’s return, such as your parents, you are not eligible.
What do I need to file to get a stimulus check?
Taxpayers will need to file a 2007 income tax return. There is no additional form needed, the IRS will automatically send it to you.
When will I receive my stimulus check?
The IRS has said it will begin sending the first rebates on May 2 and expects to complete the first round of payments by early July. People who use direct deposit will start receiving payment on May 2. Paper checks will be put in the mail starting May 16. Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For a complete schedule, visit the IRS website at http://www.irs.gov/
What will be the amount of my stimulus check?
Taxpayers generally will receive a rebate check of up to $600 ($1,200 in the case of a joint return). In addition, a taxpayer is eligible for an additional $300 for each qualifying child. The IRS website has an Economic Stimulus Payment Calculator that estimates what your rebate will be. http://www.irs.gov/app/espc/
How can I get more information?The IRS will mail two informational notices to taxpayers advising them of the stimulus check. The IRS website http://www.irs.gov/ also has information on the economic stimulus check. You can also call the IRS at 1-800-829-1040.
Additional InformationThe Internal Revenue Service Update on the Economic Stimulus Package http://www.irs.gov/irs/article/0,,id=177937,00.html
For Social Security recipients http://www.irs.gov/pub/irs-news/irs_pub_4663_ssa.pdf.html
For recipients of Veterans' Benefits http://www.irs.gov/newsroom/article/0,,id=179203,00.html
For low-income Americans http://www.irs.gov/newsroom/article/0,,id=179699,00.html