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Legislation of the 110th Congress |
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Social Security Legislative Bulletin |
Number: 110-18 President Signs Public Law 110-185, the “Economic Stimulus Act of 2008” On February 13, 2008, President Bush signed into law H.R. 5140, the “Economic Stimulus Act of 2008” (P.L. 110-185). T he House passed the bill on January 29 th , by a vote of 385 to 35. The Senate amended and passed the bill on February 7 th , by a vote of 81 to 16. The law provides business tax incentives and rebate checks for individuals. In addition, the law appropriates funding for the Social Security Administration (SSA) to assist in carrying out the rebate program for OASDI beneficiaries and disabled veterans. Following are provisions of interest to SSA: 2008 Recovery Rebates for Individuals Taxpayers with “qualifying income” above $3000 would be eligible for a rebate.
The rebate would only be payable to individuals who file a tax return for the taxable year using a valid Social Security number.
The rebate payment, and any other credit or refund under section 6428 of the Internal Revenue Code, would not be taken into account as income for purposes of SSI, nor is it included as a resource during the month of receipt or the two following months. SSA's Limitation on Administrative Expense appropriation for FY 2008 is increased by $31 million by the legislation. These provisions are effective upon enactment.
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