Stimulus package to impact as many as 3 million state residents

An economic stimulus package signed into law by President Bush on Feb. 13 could have a strong impact on the Indiana economy, lawmakers said. As many as 3 million Hoosiers could benefit from the law, said Rep. Baron Hill, D-Ind. \n“This stimulus package is the product of a real bipartisan effort by both chambers of Congress,” Hill said during a Feb. 16 town hall meeting in Bloomington. “I am pleased we acted swiftly on this legislation so as to get my constituents the relief they need and deserve as quickly as possible.”\nKatie Moreau, Hill’s press secretary, said $150 billion was allocated by Congress for individual tax rebates. Individuals earning at least $3,000 but no more than $75,000 annually will be eligible for a $600 rebate. Couples filing jointly earning no more than $150,000 annually will be eligible to receive $1,200. Filers with dependent children will receive $300 for each child. Individuals who can be claimed by another filer as a dependent are not eligible to receive a rebate, however. Additionally, seniors who receive their only income from Social Security or disability and disabled veterans and spouses of deceased or disabled veterans will receive $300. \nTo receive a rebate, individuals or couples must file taxes in 2008, even if they would normally not have to do so due to their income level.\n“Even if you have not filed taxes the last five years and you file taxes this year, you’ll receive a rebate,” Moreau said. \nShe said information about the rebates would be made available to the public on Hill’s Web site, baronhill.house.gov.\nDuring a press briefing on Feb. 13, acting Internal Revenue Service Commissioner Linda Stiff said as many as 130 million Americans will be eligible to receive refund checks under the stimulus package.\n“I’m happy to report that the IRS has been working for weeks now, preparing to process these payments and get them into the hands of the American public,” Stiff said. \nThe first checks should arrive in the mail beginning in May and will continue to be sent out through the spring and summer months, she said.\nStiff said the IRS would be working jointly with other government agencies to ensure that those who are eligible to receive payments are aware of it and understand what they must do in order to receive their rebate check. \n“The IRS is working actively with the Social Security Administration and the Department of Veterans Affairs to ensure that their beneficiaries understand the filing requirement,” Stiff said. “The IRS will also be helping taxpayers at thousands of volunteer tax preparation sites across the country.” \nShe also pointed taxpayers to the IRS Web site, www.irs.gov, where she said not only information about the stimulus package would be made available, but also a calculator that would help taxpayers determine the size of their payments.\nBoth the House and the Senate passed the bill by considerable majorities, 380-34 and 81-16, respectively, and members of both parties were quick to praise the bill upon its passage.\nSpeaking on the House floor Feb. 8, House Speaker Nancy Pelosi, D-Calif., affirmed her support for the legislation.\n“We believe that the stimulus, the way it is targeted, will put money in the hands of those who will spend it immediately, injecting demand into the economy and therefore creating jobs,” she said. “That’s the impact that we want the stimulus to have.”\nPresident Bush, speaking at a signing ceremony for the bill on Feb. 13, mirrored Pelosi’s statements.\n“I am pleased to be joined by leaders of both parties to enact an economic growth package on behalf of the American people ... We have come together, on a single mission, and that is to put the American people first,” Bush said.