Unsigned, but here it is

[tranquility]

For the myriad questions which have and will come up about the rebate, refer people to:

[url]http://taxprof.typepad.com/taxprof_blog/2008/02/house-senate-pa.html[/url]

For the bill. It's unsigned, but I think 'ol GW will find it signable.

From the summary on the part people writing will most care about:
Part 1: Basic Credit:
o Rebate checks will include a base amount determined by the greater of two
options: (a) Income tax paid in 2007, with a maximum of $600 for a single
taxpayer and $1,200 for married couples; or (b) $300 for an individual and
$600 for a married couple. In order to be eligible for the rebate, the taxpayer
must report $1 of tax liability or $3000 of qualifying income, defined as the
sum of net self employment income, veterans’ disability payments (including
payments survivors of veterans), and social security benefits.
• Part 2: Qualifying Child Credit
o If a taxpayer receives $1 of the income tax rebate and the taxpayer
has children, the taxpayer will also receive $300 per child. This
payment is refundable, meaning the recipient is entitled to the full
child credit without regard to income tax liability.
The amount of the credit (including both the basic credit and the qualifying child credit)
is phased out at a rate of 5% of adjusted gross income beginning at $75,000 ($150,000 in
the case of joint returns).

[LdiJ]

Originally Posted by tranquility

For the myriad questions which have and will come up about the rebate, refer people to:

[url]http://taxprof.typepad.com/taxprof_blog/2008/02/house-senate-pa.html[/url]

For the bill. It's unsigned, but I think 'ol GW will find it signable.

From the summary on the part people writing will most care about:
Part 1: Basic Credit:
o Rebate checks will include a base amount determined by the greater of two
options: (a) Income tax paid in 2007, with a maximum of $600 for a single
taxpayer and $1,200 for married couples; or (b) $300 for an individual and
$600 for a married couple. In order to be eligible for the rebate, the taxpayer
must report $1 of tax liability or $3000 of qualifying income, defined as the
sum of net self employment income, veterans’ disability payments (including
payments survivors of veterans), and social security benefits.
• Part 2: Qualifying Child Credit
o If a taxpayer receives $1 of the income tax rebate and the taxpayer
has children, the taxpayer will also receive $300 per child. This
payment is refundable, meaning the recipient is entitled to the full
child credit without regard to income tax liability.
The amount of the credit (including both the basic credit and the qualifying child credit)
is phased out at a rate of 5% of adjusted gross income beginning at $75,000 ($150,000 in
the case of joint returns).

I read a summary with a slightly different take...

In the summary I read it stated that those with at least 3000.00 of income, but no tax liabilty, would receive the 300 single, 600.00 married. I kind of think that the summary I read would be more accurate. A huge percentage of people with children have no tax liability but signficant income...the child tax credit wipes out their liability. Another huge percentage have no liabilty because the standard deduction and personal exemptions wipe out their liability.

They are stating that 112 million households will receive the rebate....if those with no tax liability are not included, it couldn't possibly reach 112 million households.