Senate Makes Changes to Tax Rebate Proposal
As we said in our last news alert regarding the Economic Stimulus Package set forth by the White House and Congress, it is now the Senate's turn to review the proposal. As reported on Senator Max Baucus, these new changes and additions are as follows:
*Every single American with $3,000 in qualifying income who files a tax return in 2007 would get a $500 rebate.
*This amount will be $1,000 for couples filing joint tax returns.
*$300 per child will be given to families with children under 17. The definition of "qualifying income" will change to include Social Security benefits, so that more people can receive a check.
*This will help retirees, the disabled, and those not able to work a full-time job.
*Everyone will receive the full rebate amount, regardless of their tax liabilities. No upper income limits for rebate eligibility.
*Senate's plan would extend unemployment insurance benefits for jobless Americans by 13 weeks and give additional benefits to workers in states with a high unemployment rate.
*For business: extends a provision that allows businesses that are losing money to write off losses retroactively for as many as five years.
According to Senator Baucus' website, the House and Senate are set to finalize an effective stimulus bill in the coming weeks and have the bill signed by February 15, 2008. You can keep up on what the Senate is doing with this bill here:
http://www.senate.gov/~finance/sitepages/baucus.htm
*Every single American with $3,000 in qualifying income who files a tax return in 2007 would get a $500 rebate.
*This amount will be $1,000 for couples filing joint tax returns.
*$300 per child will be given to families with children under 17. The definition of "qualifying income" will change to include Social Security benefits, so that more people can receive a check.
*This will help retirees, the disabled, and those not able to work a full-time job.
*Everyone will receive the full rebate amount, regardless of their tax liabilities. No upper income limits for rebate eligibility.
*Senate's plan would extend unemployment insurance benefits for jobless Americans by 13 weeks and give additional benefits to workers in states with a high unemployment rate.
*For business: extends a provision that allows businesses that are losing money to write off losses retroactively for as many as five years.
According to Senator Baucus' website, the House and Senate are set to finalize an effective stimulus bill in the coming weeks and have the bill signed by February 15, 2008. You can keep up on what the Senate is doing with this bill here:
http://www.senate.gov/~finance/sitepages/baucus.htm
Will more changes be forthcoming? Who knows? We are dealing with the US Congress after all.
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