Senate proposes much higher phase-out threshold for the fiscal stimulus rebate

The House bill for the fiscal stimulus package had a fairly low threshold for phasing out the rebate ($75,000 to $87,000 for individual filers or $150,000 to $174,000 for joint filers), but now it turns out that the Senate is considering a much higher threshold:

Under the Chairman's modification, the amount of the credit (including both the basic credit and the qualifying child credit) is phased out at a rate of five percent of adjusted gross income above certain income levels. The beginning point of this phase-out range is $150,000 of adjusted gross income ($300,000 in the case of joint returns).

So, there is once again a chance that I could get a rebate.

OTOH, the "compromise" thresholds that will be negotiated in the conference committee could be... anybody's guess.

Just in case you are curious, here is exactly what the House bill said:

'(d) Limitation Based on Adjusted Gross Income- The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer's adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

-- Jack Krupansky