Biz Bits & Quips ; Many Elderly Still Due a Rebate Check
Sunday, October 12, 2008 2:53 PM
Symbols: C
(Source: Providence Journal)trackingSeniors have been among the hardest hit in Rhode Island's recession. And many of them have yet to collect a federal rebate check of at least $300 because they haven't yet filed the required tax return.

The Internal Revenue Service reported last week that 17,865 Rhode Islanders haven't collected $5.4 million in rebates. And 71 percent of those are aged 65 or older.

The IRS broke down these numbers by county of recipients of Social Security and Veteran's Administration benefits who haven't collected their rebate: Providence, 11,536; Kent, 2,763; Washington, 1,478; Newport, 1,257; and Bristol, 831.

To inquire about eligibility or receive help with the filing process, go to the IRS Web site at www.irs.gov/ or call the taxpayer assistance line at 1-800-829-1040.

Those eligible have to file a tax return by Wednesday to receive a check.

Economist predicts lengthy recession

So how long will the recession last?

Harvard University economist Martin Feldstein, a member of the committee that charts American business cycles, said the turmoil in the financial markets may spark the longest U.S. recession in at least three decades.

"This is going to be a longer recession than the last four, over three decades, where the average duration was about 12 months," said Feldstein, who retired in June as president of the National Bureau of Economic Research.

"I think it [recession] is going to be deeper in terms of decline," he said.

Green-technology investment grows

Venture-capital investment in green-energy technologies exceeded $2.8 billion in the third quarter of 2008, far more than any previous quarter on record, said Greentech Media Inc., a Cambridge online media company that covers green-technology news. Of that total, $1.5 billion was invested in solar technology. VC investment in all green-energy technologies was $998 million in the first quarter of 2008 and $1.3 billion in the second quarter, Greentech Media said. "VC investment in green-energy technologies in 2008 has already far exceeded last year's totals, and we anticipate strong activity to come in the fourth quarter and through 2009," Greentech Media senior analyst Eric Wesoff said. "Despite less than optimal market conditions, there are a number of renewable energy IPOs filed and on-deck."

Citizens CEO will address Chamber

Ellen Alemany, chief executive officer of RBS Americas/Citizens Financial Group, will be the keynote speaker at the Greater Providence Chamber of Commerce's annual dinner on Nov. 24 at the Rhode Island Convention Center. Alemany, a former Citigroup executive, took over at Citizens in March and her speech will be her formal introduction to Rhode Island's business community.


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