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Rebate checks (or direct deposits) will be coming to taxpayers beginning this May for all those who have filed their 2007 federal income tax return by April 15, 2008.
This bill retains tax relief for American businesses, in the form of enhanced expensing and depreciation provisions for businesses buying equipment and placing it into service this year. This tax relief will encourage businesses to buy what they need to grow - and the requirement for investment this year will achieve the stimulus bill's goal of injecting money into the economy right away.
Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008.
Direct Deposit
| Last two SSN digits: |
Payment will be transmitted: |
| 00 through 20 |
May 2 |
| 21 through 75 |
May 9 |
| 76 through 99 |
May 16 |
Paper Check
| Last two SSN digits: |
Payments will be mailed by: |
| 00 through 09 |
May 16 |
| 10 through 18 |
May 23 |
|
19 through 25 |
May 30 |
| 26 through 38 |
June 6 |
| 39 through 51 |
June 13 |
| 52 through 63 |
June 20 |
| 64 through 75 |
June 27 |
| 76 through 87 |
July 4 |
| 88 through 99 |
July 11 |
Direct Deposit or Regular Mail
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting on May 16, with the initial mailings completed by around July 11.
A small number of tax returns will require additional time to process and to compute a stimulus payment amount, according to the IRS.
For people whose tax returns are processed after April 15, the IRS will continue sending weekly payments. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by October 15.
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