$7.1B in Tax Rebates Sent Out

NEW YORK -- The Treasury Department deposited about $7.1 billion into the accounts of more than 7.7 million taxpayers this week in the first stage of an economic stimulus package that passed earlier this year to help Americans combat a slowing economy, CNNMoney.com reported Friday.

IRS spokesman Bruce Friedland said the first week of rebates went smoothly and the program remains on schedule, CNNMoney.com reported.

Tax rebate payments started to be issued via direct deposit last Monday and the Treasury Department expects to complete the program by mid-July, CNNMoney.com reported.

-- NYSSCPA.org News Staff

Posted on 5/5/08