Questions over economic stimulus funds
By KATHRYN MARTINEZ news1@kilgorenewsherald.com

With $168 billion in economic stimulus funds floating around, there are questions to be answered. The most important question is how to qualify but the question Congress wants answered is what you will do once the money is in hand.

The stimulus package Congress passed earlier this month in an effort to give the weak economy a jump-start, includes $600 for individuals or $1,200 for a married couple filing jointly, plus another $300 per child for qualifying children.

A person who files singly may qualify if they earn up to $75,000 annually; a couple may earn twice that much.

Children must be under the age of 17.

Lawanna Williams, City of Kilgore assistant finance director, recommends spending the check.

"The idea is not so much to pay off existing debt, but to make new purchases to stimulate the economy," Williams said. "Kilgore's payoff will come in the form of sales tax revenue increases if Kilgorites spend their money in Kilgore."

Mike Bassham, Kilgore CPA, though, recommends paying bills with the check.

"People who pay their bills now have more to put into the economy once bills are paid," Bassham said. "I recommend that everyone be cautious in spending this check just as they would their paychecks."

The IRS will be sending out information let- ters and reminders in the coming weeks.

"Basically all one has to do is file a 2007 tax return," Williams said. "The IRS will figure everything else out."

Officials estimate the checks may be released as early as May, but certainly by June.