On February 13, 2008 President Bush signed the Recovery Rebates and Economic Stimulus for the American People Act.  Under the law, 1.3 million families in Iowa will receive tax rebates of up to $1,200 per couple, plus $300 per child as early as mid-May.  The average Iowa household will receive $923.

By getting money into the hands of America’s families and small businesses, the plan is expected to add 500,000 jobs to the economy.  More than 130 million families, including 35 million families across the country who work but make too little to pay income taxes will receive a tax rebate. The plan will also provide recovery rebate checks to 28 million households of senior citizens and disabled veterans.

But, you MUST file a 2007 tax return to be eligible for a rebate (even if you normally don't due to your income falling below filing requirements).

If you normally don't file due to your income falling below filing requirements, click here for more info.

If you want to figure out if you qualify for a tax rebate, click here for more info.

The Internal Revenue Service announced on March 17th that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008.

Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15

Direct Deposit Payments
If the last two digits of your Social Security number are:	Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20	May 2
21 – 75	May 9
76 – 99	May 16
Paper Check
If the last two digits of your Social Security number are:	Your check should be in the mail by:
00 – 09	May 16
10 – 18	May 23
19 – 25	May 30
26 – 38	June 6
39 – 51	June 13
52 – 63	June 20
64 – 75	June 27
76 – 87	July 4
88 – 99	July 11