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CNN Live At Daybreak
25 Million Parents to Receive $400 Tax Credit Per Child
Aired July 25, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. It's not Mother's Day or Father's Day, but 25 million moms and dads are about to get a very nice present. Well, they deserve it, don't they?
Let's get the scoop from Carrie Lee in New York.
So what are you talking about?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Those tax rebate checks, Carol. We've been talking about them. The Bush administration has been talking about this, drumming up support for quite some time.
Twenty-five million parents in the United States are going to be getting a check in the mail from Uncle Sam. Remember Congress passed a Tax Relief Act back in May that increased the federal child care tax credit from $600 to $1,000. So lawmakers decided to send out that extra $400 quickly to give an extra boost to the economy. The thinking here that people will spend this money and get things rolling in terms of consumer spending and boosting the economy.
So over the next couple of weeks, eligible moms and dads are going to get tax credit checks for $400 per child, and the first series of those checks is being mailed today. We'll have two other series coming out following. And these are all mailed by Social Security number, so that's what's determining who gets these checks first.
Now who actually receives these checks? Well, it is required that children are U.S. citizens or residents born after 1968. They must be dependents of the taxpayer or parents. And they can be the taxpayer's children, stepchildren, adopted or grandchildren. They can also be siblings, stepsiblings, nieces or nephews, as long as they are dependent.
And don't worry, recipients don't have to file any forms to get these, they are filed automatically, Carol. So people should be looking in their mailboxes for these checks soon, if they are parents.
COSTELLO: That's right, the check is in the mail, we promise.
Carrie Lee live from New York at the Nasdaq center.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired July 25, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. It's not Mother's Day or Father's Day, but 25 million moms and dads are about to get a very nice present. Well, they deserve it, don't they?
Let's get the scoop from Carrie Lee in New York.
So what are you talking about?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Those tax rebate checks, Carol. We've been talking about them. The Bush administration has been talking about this, drumming up support for quite some time.
Twenty-five million parents in the United States are going to be getting a check in the mail from Uncle Sam. Remember Congress passed a Tax Relief Act back in May that increased the federal child care tax credit from $600 to $1,000. So lawmakers decided to send out that extra $400 quickly to give an extra boost to the economy. The thinking here that people will spend this money and get things rolling in terms of consumer spending and boosting the economy.
So over the next couple of weeks, eligible moms and dads are going to get tax credit checks for $400 per child, and the first series of those checks is being mailed today. We'll have two other series coming out following. And these are all mailed by Social Security number, so that's what's determining who gets these checks first.
Now who actually receives these checks? Well, it is required that children are U.S. citizens or residents born after 1968. They must be dependents of the taxpayer or parents. And they can be the taxpayer's children, stepchildren, adopted or grandchildren. They can also be siblings, stepsiblings, nieces or nephews, as long as they are dependent.
And don't worry, recipients don't have to file any forms to get these, they are filed automatically, Carol. So people should be looking in their mailboxes for these checks soon, if they are parents.
COSTELLO: That's right, the check is in the mail, we promise.
Carrie Lee live from New York at the Nasdaq center.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
