There is a local holiday of sorts coming to our area on May 24, one that won’t appear on too many calendars.

It’s being called “Stimulate Our Economy Day,” approved by the chambers of commerce from Franklin-Southampton, as well as Isle of Wight, Smithfield and Windsor — and soon, we hope, to be endorsed by local governments in Franklin, Southampton and Isle of Wight.

It’s being held in conjunction with the federal government’s much publicized stimulus payment being sent to those who qualify.

But here’s the purpose of the holiday: If the federal government, through the workings of the Internal Revenue Service, wants to return hundreds of dollars to local taxpayers this spring, why not keep that money in this area’s economic pool?

We rarely allow the federal government to tell us how to live, so why allow it to tell us where to spend money being returned to our pockets?

According to the IRS, the Treasury Department will begin sending economic stimulus payments to more than 130 million households early next month.

To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS notices state the agency will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17.

Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. Some of those returns can be filed even though the April 15 deadline has passed, but that will delay receipt of the check.

The actual amount of the check depends on the information contained on your tax return.

To qualify for child payments, a child must be eligible under the Child Tax Credit and have a valid Social Security number.

The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.

In addition, the IRS has created an online calculator at www.irs.gov/app/espc that will allow you to answer a few questions and get a quick estimate of your payment amount.

If you chose direct deposit when you filed your tax return, even if you aren’t due a regular tax refund on your tax return, you will get the stimulus check faster. The check will go directly to your bank account. Otherwise, the paper check will be mailed starting May 16. The payment schedule is based on the last two-digits of the mail filer’s Social Security number.

For direct deposits, if the last two digits of your Social Security number are:

00-20 you should receive your check May 2

21-75 you should receive your check May 9

76-99 you should receive your check May 16

For mailed checks, if the last two digits of your Social Security number are:

00-09 you should receive your check May 16

10-18 you should receive your check May 23

19-25 you should receive your check May 30

26-38 you should receive your check June 6

39-51 you should receive your check June 13

52-63 you should receive your check June 20

64-75 you should receive your check June 27

76-87 you should receive your check July 4

88-99 you should receive your check July 11

Once that money is received, and you’re considering your spending options, look around in this back yard and give our economy the shot in the arm it needs.