Frequently Asked Questions
Guidelines for Citing BEA Information | ID: 490 | Created: May-28-2008
The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $113 billion. The majority of rebates were sent during the initial round of payments, which began April 28, 2008, and continued on a weekly basis through mid-July 2008. For fiscal year 2008, rebates totaled about $94.0 billion.
In the NIPAs, rebates for residents of the 50 states and the District of Columbia are recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount are treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) are treated as a government social benefit payment to persons in the NIPAs.
For information on the impact of the Economic Stimulus Act of 2008 on businesses, see the FAQ: How does the 2008 Economic Stimulus Act impact Corporate Profits?
Ask us a question...
Using the FAQ database | All FAQs are displayed when first visiting the page. They are ordered by most recent or recently updated and can be filtered by keyword search term, by category, and by manually selecting the page number buttons. To view any FAQ, click on the title to open the answer. Submitting a question is done by selecting the “Ask a question” tab along the top of the FAQ.
Selecting an FAQ | Clicking on the title of the FAQ will bring up the answer to the FAQ. Navigating back to the list of FAQs is done by selecting the tab “Latest FAQs”. A tab to ask a question specifically about this FAQ can be found at the top of the answer. Also, the FAQ id and date this FAQ was created or last modified is shown in the upper right hand corner.
Searching the FAQs | Enter a keyword search term and click the Search button to narrow FAQ selections. To return to all FAQs, click the Clear button or clear the keyword search field and click the Search button.
Filtering FAQs by category | Chose the category to filter by and click Apply button. This will display only the FAQs related to an assigned category. To return to all FAQs click the Clear button next to the search by keyword field or select ALL from the drop down menu and click Apply button.