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Yarmuth: Stimulus Checks to Arrive Earlier than Expected

(Washington, DC) Rebates from the economic stimulus plan will begin arriving today, nearly a week ahead of schedule.  These recovery rebates for 130 million families will help families afford the high costs of gas, health care and groceries, and jumpstart the struggling economy. 

“Putting people’s hard-earned dollars back in their pocket should provide some much needed relief, and I’m pleased to see that the plan is being efficiently processed,” Congressman Yarmuth said.  “Americans are working hard to provide for their families, and while this is an important step in offering assistance, it is just a first step.  I am committed to further stimulating the economy by pursuing legislation that cuts prices at the pump and helps people avoid foreclosure and stay in their homes.”

The economic stimulus package became law in February and provides rebate checks of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child.  People who use direct deposit will start receiving the rebate on Monday, April 28, with the first paper checks going out starting Friday, May 9.  The payment schedule is organized by the last two digits of people’s social security numbers, with the lowest number receiving their money first and increasing over the next several weeks.

The two provisions of the package authored by Yarmuth are detailed below:

Increasing the Child Tax Credit by 30 percent
Couples making less than $110,000 per year are currently eligible for a $1,000 tax credit per child each year—a provision from which 360,000 Kentuckians benefit.  Yarmuth’s proposal increases the tax credit by $300 for 2007 returns and raises the eligibility to $150,000 per year before phase out begins, immediately providing cash to working families struggling to make ends meet.

Doubling write-offs for business expenses
Yarmuth joined with Melissa Bean, Chairwoman of the Subcommittee on Tax and Finance, to propose raising the small business expense write-off limit from $125,000 to $250,000 for 2008.  This provision encourages business owners to seize the moment and expand—purchasing more equipment and creating new jobs.

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