Economic Stimulus Act Of 2001

In all treasury calculated that 92 million taxpayers would receive a check amounting to a total of approximately 38 billion worth of rebates.

Economic stimulus act of 2001. The economic growth and tax relief reconciliation act of 2001 was a major piece of tax legislation passed by the 107th united states congress and signed by president george w. 613 enacted february 13 2008 was an act of congress providing for several kinds of economic stimuli intended to boost the united states economy in 2008 and to avert a recession or ameliorate economic conditions the stimulus package was passed by the u s. Taxpayers received a tax rebate between july and september 2001.

It is also known by its abbreviation egtrra often pronounced egg tra or egg terra and is often referred to as one of the two bush tax cuts. Economic stimulus act of 2001 2001. 3090 named the economic security and recovery act of 2001 costing 99 5 billion in 2002 and 159 billion over ten years even though it violates all of the principles its own budget committee leaders had provided for economic recovery.

According to a summary from house and senate democratic leaders the legislation will include direct payments of up to 600 per adult enhanced jobless benefits of 300 per week roughly 284. Under the economic growth and tax relief reconciliation act of 2001 most u s. The economic growth and tax relief reconciliation act of 2001 was signed into law on june 7 2001 and lowered taxes for americans during the 2001 recession.

A bill to amend the internal revenue code of 1986 to provide a 10 percent individual income tax rate for taxable years beginning in 2001 and a payroll tax credit for those taxpayers who have no income tax liability in 2001. The economic stimulus act of 2008 pub l. The package eliminated taxes on the first 6 000 of taxable income for individuals and the first 12 000 of income for couples.

The week in which the rebate was mailed was based on the second to last digit of the taxpayer s social security number a digit that is effectively randomly assigned. House of representatives on january 29 2008 and in a slightly. In late october the house created and passed h r.

Individuals would receive up to 600. 1 a stimulus rebate check was mailed out to 130 million taxpayers in amounts as follows.