Tax rebate bill sent to President


Washington, D.C. -— U.S. Rep. Bob Etheridge (D-Lillington), a member of the House Budget Committee, today voted for a final compromise version of legislation that would provide more than 3.5 million North Carolina households with a tax rebate and help stimulate the economy.

The House approved the Senate amendments to the Recovery Rebates and Economic Stimulus for the American People Act, and the bill now head to the President’s desk to be signed into law.

“This immediate infusion of cash will provide real relief for thousands of North Carolinians and will stimulate consumer spending and spur economic growth,” said Etheridge. “The bill will help families who are struggling to make ends meet due to the high costs of fuel and health care”

The bipartisan stimulus package would provide tax rebates aimed at middle- and low-income families, which economists say will help to reinvigorate the economy. Families would receive rebates in mid-May at the earliest. The legislation must still be approved by the Senate and signed by the President to become law.

Tax payers would receive up to $600 per single tax filer and $1,200 per couple, and a rebate of $300 for each child. All individuals who earned at least $3,000 would receive at least $300 per single tax filer, $600 per couple and $300 per child. The rebates begin to phase out at $75,000 for an individual and $150,000 per couple.

The bill varies from a version passed by the House on January 29 by adding rebates for additional seniors and veterans. The bill would provide $300 for individuals who did not pay income tax, but received at least $3,000 in Social Security or veterans’ disability benefits.

The legislation also includes tax incentives for small businesses and provisions to help Americans avoid home foreclosure.