Notebook: Tax Rebate (CBS News)
The Economic Stimulus Act of had three main parts: an individual income tax rebate sent in mid and two business provisions to encourage investment. Individuals could receive an extra tax rebate of up to $ outright plus $ for every child. Businesses benefited from increased limits on depreciating. According to data reported by JPS, the median check per recipient was roughly $ In aggre- gate, the tax rebates totaled $38 bil- lion, or percent.
Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds. In addition, the IRS. Because of the low spending propensity, the rebates in provided low "bang for the buck" as economic stimulus, Shapiro and Slemrod conclude. Low- income. Tax rebate checks received under the Economic Stimulus Act of must be excluded as income when determining initial and recurring eligibility, when.