Based on news reports from Washington, D.C., there is reason to think that millions of Americans will receive tax "rebates" before the end of this year. The
2008 Economic Stimulus Plan will send $600 - $1200 to approximately 117 million American families. Regardless of the final details of the legislation, this money is intended to boost the diminishing U.S. economy. If it does its job, it will keep America from falling into a recession this year. In spite of the potential good these rebate checks may do, there ARE reasons to watch carefully and wait until the check is actually in the mail!
- Final legislation still has to be passed in the U.S. House and U.S. Senate. Additionally, it must be signed into law by President Bush.
- Processing 2007 tax returns takes precedence over rebate checks.
- The IRS needs 60 days after legislation is signed into law before it can process rebate checks. It is likely that the 1st checks will not reach consumers before May or June of this year.
- Financial circumstances, needs and priorities may change between now and the time checks are received.
With any luck at all, the rebates will be on the way sooner rather than later. Just don't waste too much time waiting by your mailbox!
