Washington (June 11, 2003) -- Those child tax credit rebate checks will start fanning out across the U.S. starting on July 25, the Treasury Department announced.

More than 25 million taxpayers will be receiving checks of $400 per child for the advance payment of the extended child tax credit passed into law by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The checks will go out in order of the last two digits of the recipient’s last Social Security number.

According to CCH Tax News, the Internal Revenue Service is identifying taxpayers eligible for the advance payment by running a program to search more than 130 million 2002 tax returns filed earlier this year.

On June 5, 2003, the Senate passed the Relief for Working Families Tax Bill of 2003, which would extend the child tax credit to seven million more taxpayers – low income families who don’t make enough to pay income taxes. President George W. Bush said he supports the measure and will sign it if the House and Senate agree on a bill to send him.

If so, the Treasury has indicated that it would not be able to issue a second round of checks until mid-September 2003.

-- WebCPA staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access