Text of House "stimulus" bill

[JoshinNC]

Here is a link to the House version:

http://thomas.loc.gov/cgi-bin/query/D?c110:1:./temp/~c110TgX2gc::

I read it so say that each individual with a tax liability in 2006 and income below the threashold will recieve $400, with an additional $200 for each child. It looks like it is an advance of the credit available on the 2008 return. Also, unemployment compensation is retroactively not taxable for TY2007 and 2008 (can you say amended returns?).

I see no business credits/deductions anywhere.

Others please read and give me your interpretation.

[JoshinNC]

Now I'm totally confused

Here is a link to a seperate bill that is more in line with what has been covered in the media ($600 rebates, additional depreciation, etc.):

http://thomas.loc.gov/cgi-bin/query/D?c110:3:./temp/~c110TgX2gc::

Are there 2 bills on the floor?

[Davc]

Yes. There are two bills.

[Mike Mac]

The bill that passed

Thanks for the link to the Library of Congress website. There were two versions of the
H.R. 5140 bill. The one that passed by a huge margin is the $600/$1200 one. It seems to include those older taxpayers who have a tax liability due to unearned income such as pensions and interest/dividends but not those who might be getting social security but have no tax liability. It also appears the the rebate is limited to the greater of the tax liability or the $600/$1200. But it still has that exception for getting a rebate if person has at least $3,000 of unearned income yet has no tax liability.

[Peachie]

Why 2006?

Josh says:

I read it so say that each individual with a tax liability in 2006

Is this just a typo? We are talking 2007 right?

Thanks.

Peachie

[JoshinNC]

No typo

Josh says:

I read it so say that each individual with a tax liability in 2006

Is this just a typo? We are talking 2007 right?

Thanks.

Peachie

HR 5142 references tax liability in 2006 and exempts from income unemployment recieved in 2007 and 2008.

[JoshinNC]

It appears HR 5142 is back in committee

with little chance of becoming law.

HR 5140 is the one that passed and is now in the Senate.

D**n government!

[Larmil]

Was it not HR 5140

HR 5142 references tax liability in 2006 and exempts from income unemployment recieved in 2007 and 2008.

that passed the House?