The requirements to get your rebate check are simple - you just need to file a tax return for 2007
Since an overwhelming majority of the population already does this, they need not do anything else - their check will simply appear sometime in the spring / early summer. But even those who don't normally file a return should do such, as they are likely eligible for this rebate as well.
When you get your check will depend on your social security number - the lower the last two digits, the sooner you will get your check. For example, if your SS# ends in 00 to 09, your check will be mailed May 16th. If your SS# ends in 88-99, your check will be mailed in early July (note: those who chose direct deposit for any tax refunds will get a direct deposit instead of a check - they will also get theirs a bit sooner.)
This extra money could not come at a better time - rising gas and food prices have strained the wallets of many Americans, so, for once, it appears the government is actually lending a helping hand.
Not to leave businesses out, written into the Economic Stimulus Act of 200 are a few provisions that will be of great interest to businesses - provisions that will likely spur equipment purchasing decisions in 2008.
Big Changes to Section 179 (you know, the "Hummer" tax code!)
To put it briefly, the "business side" of the Economic Stimulus Act of 2008 largely seeks to enhance and expand Section 179, which is a section of the US tax code that allows businesses to deduct the full amount of certain equipment purchases during the tax year they were bought. People sometimes refer to Section 179 as the "Hummer" tax code, because Hummers were part of the qualifying equipment.
To give a good example of how Section 179 works, say a business purchases qualifying equipment for $100,000. Section 179 allows them to deduct the entire $100,000 for the current tax year. This gave businesses a big incentive to purchase new equipment.
The new act greatly raises the limits on how much can be bought and written off.
Previously, the "cap" on equipment purchase deductions was $128,000, and the total cost of equipment purchased could not exceed $510,000. The Economic Stimulus Act of 2008 has almost doubled the deduction cap, to $250,000, and raised the overall total cost to $800,000.