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Area tax credit checks going out [economic stimulation--as Bush planned]
Bryan-College Station Eagle ^ | 7/31/2003 | Kelli Levey

Posted on 07/31/2003 5:06:56 PM PDT by Clara Lou

Families across the Brazos Valley will receive about 22,000 checks totaling $13.5 million as the federal government sends out advance child tax credits, officials said.

About 25 million people nationwide are receiving the checks, which the U.S. Treasury Department estimates will average $623 per person. The IRS began mailing them Friday.

“I’ve talked to people who have already gotten their checks, and they’re excited about having that extra money,” said Kenneth Vargas, an IRS spokesman in Austin. “They’re talking about spending it for back-to-school things they need or for last-minute vacations before school starts back up.

Judging from what I’ve been hearing, it seems to be doing what it was designed to do, to stimulate the economy.

The payments were generated by the Jobs and Growth Tax Relief Reconciliation Act, which increased the maximum credit amount from $600 to $1,000 per qualifying child. The act also directed that taxpayers receive the increase this summer rather than making them wait until they file their 2003 returns.

The credit is given to taxpayers who claim a child under 16 as a dependent. It is not available for anyone who did not claim the child tax credit last year, even if they will be able to claim the credit on their 2003 returns.

As long as a qualifying taxpayer hasn’t moved since filing a 2002 return, the advance check will come automatically. A taxpayer can’t do anything to speed the delivery, either, Vargas said.

“It’s all put into the computer based on the 2002 returns, and it just gets processed,” he said. “The computer does all the work.”

The mailing date depends on the last two numbers of the taxpayer’s Social Security number. Those ending in 00-33 were mailed last week on Friday, those ending in 34-66 will be mailed this Friday and those ending in 67-99 will be mailed Aug. 8.

Those who filed tax returns after April 15, including people granted extensions, will get any advance payments after the IRS processes their 2002 returns.

The IRS is sending notices about the advance payment to eligible taxpayers, which they will need when completing their 2003 tax returns. If the advance amount is more than the credit for this year because of a change in income or the number of qualifying children, the taxpayer will not have to repay the difference.

Taxpayers can learn the amount and mailing date of their checks through a new feature on the IRS Web site. Visit www.irs.gov and click on “Where’s My Advance Child Tax Credit?” The Web site also will indicate if a payment will be reduced because of taxes owed or an outstanding federal debt.

A check won’t be generated for a payment of less than $10.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: childtaxcredits; economy; taxcredit
The next 3 days are sales tax-free days (on many items) in Texas. [Emphasis mine in the article.]
1 posted on 07/31/2003 5:06:57 PM PDT by Clara Lou
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To: Clara Lou
It is not available for anyone who did not claim the child tax credit last year, even if they will be able to claim the credit on their 2003 returns.

Sure it is. It is just not available early.

2 posted on 07/31/2003 7:38:13 PM PDT by knuthom
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To: Clara Lou
Anxiously awaiting our $1200. We're in this first batch of checks, mailed on the 25th. Got the notice from the IRS that it would take 2 weeks to arrive. The President returneth and the postman delayeth.

Ready for some economic stimulating, though...
3 posted on 07/31/2003 10:23:08 PM PDT by Choose Ye This Day (http://thetaoofthedow.blogspot.com)
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