[swifty]

Can anyone clarify? Been reading various articles that claim this is simply a loan on our 2008 returns. The language in the bill does not use "rebate"

Text from HR5140 Sec 6428
$this->bbcode_second_pass_quote('', ''')(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
'(1) net income tax liability, or
'(2) $600 ($1,200 in the case of a joint return).

[NTBKtrader]

Edit: The money is a credit for 2008 but they are advancing that credit right after you send your 2007 tax return which 'triggers' it. If you don't have a 2007 return but have a 2008 return then you get the money at a later date when you turn in your 2008.

There are no strange strings attached, its not a loan, however I do think that if you owe uncle sam from previous IRS issues you may not see any money

[swifty]

Thanks for the reply trader.
Soooo, it does NOT mean the "rebate" we receive this year will be deducted from our 2008 tax return by reducing our return?

[billg]

Basically, the government is giving you money it doesn't have...all it does is add to the US 9.2 trillion dollar debt. Theoretically, it will have to be paid back by future generations, but will it??

[NTBKtrader]

$this->bbcode_second_pass_quote('billg', 'B')asically, the government is giving you money it doesn't have...all it does is add to the US 9.2 trillion dollar debt. Theoretically, it will have to be paid back by future generations, but will it??

[Ferretlover]

It seems to me that it is just a case of the Fed extending its money-laundering base.

[efarmer]

Will it come in the mail or will I have to walk out to the helicopter and duck to miss the blades to pick mine up?

[Ferretlover]

Just think of all the mailbox robberies there will be on those days...

[efarmer]

The rumor is next year we get a one time, all you can eat, gift certificate for the soup kitchen. Everyone remember their manners, your spoon stays in your sock until the FEMA man fills your bowl. And don't keep asking, "What kind is it?", it's soup and it's hot, just eat it
stupid.

[smallpoxgirl]

$this->bbcode_second_pass_quote('billg', 'B')asically, the government is giving you money it doesn't have...all it does is add to the US 9.2 trillion dollar debt. Theoretically, it will have to be paid back by future generations, but will it??

[phaster]

$this->bbcode_second_pass_quote('swifty', 'C')an anyone clarify? Been reading various articles that claim this is simply a loan on our 2008 returns. The language in the bill does not use "rebate"

Text from HR5140 Sec 6428
$this->bbcode_second_pass_quote('', ''')(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
'(1) net income tax liability, or
'(2) $600 ($1,200 in the case of a joint return).