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My District Office phones have been inundated with inquiries concerning the Economic Stimulus Act and the checks millions of Americans may be eligible to receive. The interest in this program is such that I want to use my column to inform the residents of the First District as to how this program works.
The legislation, signed into law on February 13th, aims to provide a “jump start” for some of our slowing economic conditions. The plan, to be administered by the Internal Revenue Service (IRS), targets those Americans who need it most. Before I elaborate on specific qualifiers, I can’t over-emphasize the basic rule – to receive a rebate, you must file a tax return. If you are eligible but your income does not normally require you to file a return with the IRS, you need to file a return this year.
Taxpayers with a net federal tax liability and certain other individuals and families will receive a tax rebate on the basis of the tax return they normally file this year. In most cases, the amount will be equal to the tax liability on the return, up to $600 for individuals or $1,200 for taxpayers filing jointly. Taxpayers with children under age 17, as of December 31, 2007, will receive an additional $300 for each child.
Those individual tax filers with income in excess of $75,000 annually and couples filing jointly whose income exceeds $150,000 will have their payment reduced by $50 for each thousand in income above the cap. I congratulate those taxpayers whose hard work have placed them in this category and remind you that financial success is a blessing and something for which you should be quite proud.
If you receive disability compensation, a pension or survivors’ benefits from the Department of Veterans’ Affairs you may also be eligible for an economic stimulus payment. A minimum of $3,000 in qualifying income could qualify an individual for $300 or $600 if you are married and file a joint tax return with your spouse. You also may qualify for an additional $300 for each child under the age of 17.
Payments made under the Economic Stimulus Act are not taxable. They will not affect the amount of any other benefits to which you would otherwise be entitled.
Again, the key to receiving this benefit is filing a federal tax return. IRS is working in conjunction with many government and private-sector groups to facilitate filing of returns. Their Volunteer Income Tax Assistance (VITA) Program offers free tax help to low- to moderate-income (generally, $40,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations. Most locations also offer free electronic filing. To locate the nearest VITA site, call: 1-800-829-1040 or contact one of my offices.
Those filers who submit their return electronically and opt for direct deposit will receive their payments during the month of May. Filers who submit paper returns or choose to have a check mailed will receive payments throughout the Summer.
Additional information is available through the IRS website: www.irs.gov Their Economic Stimulus Payment Hotline is 1-866-234-2942.
I hope this information will assist those who have questions concerning the Economic Stimulus and encourage those who may be eligible to take the necessary step to ensure that you receive its benefits.
The resources of my offices are available to assist with this program and any matter of concern with a Federal agency. My Charleston Office number is 843-747-4175 and the Myrtle Beach office number is 843-445-6459. My In-District Toll-Free number is 1-888-868-0737. My website is: http://brown.house.gov
Thank you for the honor and privilege of representing you in the U.S. House of Representatives.
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