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Tax Rebate Plan Signed, Checks In May, June 02-20-2008

Watch the mail in May and June, you could be getting a check. President George W. Bush signed a $168 billion economic stimulus plan last Wednesday, intended to keep the country out of a recession.

The plan calls for tax rebate checks for millions as well as rebates and tax breaks for businesses.

Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples from the Internal Revenue Service, with an additional $300 per child. People earning at least $3,000 and those who owe little or no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates — $50 less per $1,000 they make over those thresholds.

To get any rebate, you must file a 2007 tax return and have a valid Social Security number. If you already filed your 2007 return, the IRS says you don't need to do anything extra.

How much help the package offers to the economy is debatable.

An Associated Press poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.

Also included in the package is potential help for people facing foreclosures on homes.

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