Compiled from Times wires
© St. Petersburg Times, published June 8, 2001
In a White House victory celebration, President Bush put his signature to the nation's first across-the-board tax cut in a generation Thursday. Under the 10-year, $1.35-trillion tax cut package, income tax rates will drop, the child credit will double and the estate tax will be phased out. But for most taxpayers, the most immediate result will be a tax rebate check in the mail this summer. Here's what to expect:
HOW MUCH: By next month, everyone who paid taxes on last year's income should get a letter from the government telling them exactly how much cash they are going to get.
Married couples will get up to $600, depending on how much they paid in taxes in 2000. Single taxpayers without dependents will get up to $300. Heads of household -- that is, single people with dependents such as children or aging parents -- will get up to $500.
You will not get a check if you paid no taxes for 2000 or if someone else claimed you as a dependent.
Your check may be reduced if you owe the government money or are delinquent on your child support.
WHEN: The 91.6-million tax rebate checks will start going out in July and the last ones should arrive by the end of September.
The schedule is based on the last two digits of your Social Security number. For married couples who file jointly, the mailing will be based on the first Social Security number listed on the return. The check, however, will be payable to both names.
WHY: The one-time payments reflect a reduction in the tax rate from 15 percent to 10 percent on the first $6,000 of taxable income for a single person, $10,000 for a single parent and $12,000 for a married couple filing jointly. The new rate is retroactive to Jan. 1.