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On February 13,
2008, President Bush signed into law the "Economic Stimulus Act of 2008 (H.R. 5140)."
Many Americans who filed a year 2007 federal income tax return received an
economic stimulus payment in the spring or
summer of 2008 up to $600 ($1,200 if married filing jointly). Taxpayers
with qualifying children under age 17 as of December 31, 2007 got an additional $300 per child. Americans who received
only Social Security or Veteran's payments got an automatic $300 check or
direct deposit.
If you didn't file a 2007 federal income tax
return, you may be able to claim an "Economic Recovery Payment" on your
2008 federal income tax return.
Also, part of the Economic Stimulus Act are provisions
for bonus depreciation and
increased Section 179 expensing for
business assets.
View the Entire Act (Tax Bill)
Passed By U.S. Congress
Download File
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