The Economic Stimulus Act of 2008 that was signed into law on Feb 13, 2008, includes a broad rebate program for individual taxpayers. The rebate's amount and eligibility are limited as follows: 1. phase-outs for high-income taxpayers, 2. minimum qualified income and tax liability, and 3. ineligible taxpayers. In order to be able to send the rebates to taxpayers starting in May 2008, the amount of the rebate had to be based on the information provided in the taxpayer's 2007 tax return. In essence, the Economic Stimulus Act of 2008 provides for a credit against the 2008 tax liability but seeks to provide for advanced receipt of the credit in the form of an immediate rebate. Because the rebate is based on adjusted gross income (AGI), income items not included in AGI, such as municipal bond interest, do not affect the amount of the rebate. The possible economic effects of the rebate/credit program in the Economic Stimulus Act are questionable.