Economic Stimulus Package Heads to President's Desk
Date: February 7, 2008
Tonight both the House & Senate overwhelmingly approved HR 5140, the highly anticipated economic stimulus bill that will provide tax rebates to millions of Americans. The final bill is now on its way to the President who has said he will sign it.
Action Taken: The Senate approved an amended version of the previously House passed economic stimulus package, HR 5140. The Senate’s changes include:
- Social Security income counts for purposes of qualifying for the rebates
- Disability payments to disabled vets count for qualifying for the rebates
- Language was added to make sure illegal aliens cannot qualify for the rebates
Shortly after Senate passage, the House overwhelmingly agreed to the Senate’s changes and sent the $168 billion package to the President’s desk for his final signature.
Background: On January 24, a small bipartisan group of negotiators from the Administration and the House of Representatives hammered out an economic stimulus package that would result in a $600 per person income tax rebate for qualifying taxpayers. Qualifying taxpayers would also receive a $300 rebate for each child. The rebates would be income limited — they would go only to those whose taxable incomes were $75,000/single or $150,000/married or less. (A reduced amount would go to those who earn between $75,000 ($150,000 for married couples) and $87,000 ($174,000 for married couples). Plus, rebate checks of $300 would go to people who earn at least $3,000 in taxable income, but less than $4,000.
The House overwhelmingly passed the economic stimulus package on January 29 and sent it to the Senate for consideration. The Senate deliberations led to the amended stimulus package that was adopted by the full Congress tonight.
Next Steps: The final package now heads to President Bush’s desk for his signature. Americans who qualify for the rebates could receive them by as early as May of this year.
NAIFA Staff Contact: Jill Edwards, Director, Federal Relations, 703-770-8158
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