Puerto Rico to get $1.28 bln in US stimulus funds

WASHINGTON, April 16 (Reuters) - The U.S. Treasury on Wednesday said it approved a $1.282 billion economic stimulus payment to Puerto Rico to be distributed to local residents as "recovery rebates" intended to revive the island's economy.

The payment is part of the broader $152 billion U.S. economic stimulus plan, under which the Treasury will begin to distribute tax rebate checks to U.S. taxpayers in early May.

A Treasury spokesman said Puerto Rican taxpayers will receive amounts equivalent to the U.S. rebate checks of about $600 per individual or $1,200 per married couple.

Under the Economic Stimulus Act of 2008, Puerto Rico's government had to submit a plan outlining how it would distribute the rebates before a one-time payment could be made from the U.S. Treasury to the Puerto Rico Treasury Department. Puerto Rico operates a separate, independent tax system. (Reporting by David Lawder; Editing by Tom Hals)