A week after the House of Representatives passed their version of the economic tax stimulus package, the Senate has passed their own slightly modified version. Overall, the Senate version is very similar to the House version, differing mainly in the extension of the tax rebate to low-income seniors and disabled vets.
Here’s the deal…
Single filers making less than $75, 000 will get a $600 tax rebate and couples making less than $150, 000 will get a $1, 200 rebate. On top of this, parents will receive an additional $300 per child. On top of this, tax filers who do not owe income taxes but have at least $3, 000 in income will get a $300 rebate.
According to Treasury Secretary Henry Paulson, the IRS will start sending out the checks in May.