The answer is yes according to the IRS, see second link below. I was wondering when my family will get the tax rebate check or the economic stimulus act refund check and will it be direct deposit or paper check? So I did a little research and found that the refunds will go out between May and December. People that filed their taxes early like my family will get them as soon as the second to third week in may and people that are filing 6 month extensions will get them as late as December. If you got your refund by direct deposit the IRS will use that account and if that is a bad account or no longer valid, when the funds are returned to the IRS you will get a refund check in the mail.

The problem is that we have closed our old bank account and opened a new account, the IRS says that they are going to direct deposit the stimulus act refund into the same accounts that you requested direct deposit into. If those accounts are bad and the amount is returned to the IRS they will issue a paper check, however this will probably take much longer.

I found this out today April 14th and was thinking about calling the IRS until I found a blurb below at the second link that says that if you contact the IRS before the week of April 13th they can cancel the direct deposit and issue a paper check but that was yesterday and they said the week of so were probably too late and by tomorrow April 15th I think a few people will be calling the IRS since its the date that a lot of people put off filing their taxes.

I found this news story below with more information

President Bush Signs H.R. 5140, the Economic Stimulus Act of 2008

Also this article has frequently asked questions details and info from the IRS click the link below.

FAQ on the IRS Page about the Economic Stimulus Act

I will post more as I find out more I have heard that there is a website that you can estimate when you will get your refund check I will post that as soon as I find the official url.

On February 7, 2008, both the House of Representatives and the Senate approved the Economic Stimulus Act of 2008 and it is awaiting signature by President Bush. President Bush expressed his support of the Act and is expected to sign the Act next week. (It is speculated that refund checks will be sent out in May) Were ready for ours how about you?

The major tax provisions of the act include, but are not limited to:

1) The increasing of the Section 179 depreciation expensing limits for small businesses to $250,000 from $128,000 starting with tax years beginning in 2008. In addition, the act increased the overall investment limit for Section 179 eligibility from $510,000 to $800,000.

2) The Act generally permits a bonus first-year depreciation deduction of 50% of the adjusted basis of qualified property acquired and placed in service during 2008. The applicable luxury automobile cap on first year depreciation increased to $8,000 for qualifying vehicles. Bonus depreciation will be allowed for both AMT and for regular tax purposes.

3) Tax Rebates of $600 to singles making less than $75,000 and $1,200 to couples making less than $150,000. The Treasury Department expects to begin mailing out rebate checks in May.

4) Tax Rebates of $300 to individuals who did not owe any income tax in 2007 but have at least $3,000 in income.

5) Tax Rebates of $300 per eligible child

In addition to the tax breaks, the House and Senate included provisions to try to ease the home lending crunch. The Act calls for an increase in the size of loans eligible for Federal Housing Authority Insurance. In addition, the Act calls for the temporary increase of the caps on the size of loans that can be purchased by Fannie Mae and Fannie Mac to $730,000 (from $417,000) in the highest cost housing markets.