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 Representative John Spratt, Proudly Serving the People of the 5th District of South Carolina image of Capitol

Tax Rebates - Economic Stimulus Package

Congress and the White House reached agreement in February on a economic stimulus package. The package, signed into law on February 13, will provide rebate checks to millions of Americans in an effort to jumpstart the economy. Checks will begin arriving in early summer.

Senior citizens who depend on Social Secuirty and veterans who depend on disability checks will be among those receiving rebates.

The package also gives tax breaks to businesses for investing in new plants and equipment.

What You'll Get

  • Individuals making $3,000 to $26,500 will receive a $300 rebate.
  • Individuals making $26,501 to $75,000 will receive a $600 rebate.
  • Couples making $150,000 or less will receive a $1,200 rebate.
  • Seniors, disabled veterans and veterans' widows who received $3,000 in Social Security or veterans' disability benefits last year will receive a $300 rebate.
  • Above the $75,000 per individual and $150,000 per couple, the benefit would phase out until hitting zero for individuals with adjusted income of about $87,000, $174,000, respectively.
  • Individuals and couples will receive an additional $300 per child.
  • Double the amount small businesses can write off their taxes for new investments.
  • 50 percent decrease in the length of time small business’ are allowed to depreciate assets.
  • Temporarily increase the size of jumbo mortgages that can be bought by government-sponsored Fannie Mae and Freddie Mac (conforming loan limits), as well as limits with FHA, from $417,000 to $625,500, with increases in high value markets up to $729,750.

Helpful Links and Phone Numbers

  • IRS - The IRS has a website addressing some of these questions. Visit irs.gov and click on the rebate link on the top middle of the page.
  • VITA - Volunteer Income Tax Assistance - a program to help low and moderate income taxpayers. Call 1-800-906-9887.
  • TCE - Tax Counseling for the Elderly - Free tax help for people 60 years and older. Call 1-800-829-1040.
  • AARP - offers a tax-aide counselling program. Call 1-888-227-7669 or visit aarp.org to find a local center.