Bush's Proposed 2007 Federal Tax Rebate - Update
We use Drake Software for all our tax returns and you should too!
Both congress and the president have announced that a tax rebate for 2007 Federal Taxes will happen sometime in 2008. At the time of this article, however, no one knows for sure what the rebate will look like. That's because the House and Senate have put forth two different bills.
The bill pending in the House is H.R. 5140, Recovery Rebates and Economic Stimulus for the American People Act of 2008. It calls for a $600 tax rebate for single filers, $1,200 for joint filers and an additional $300 per child.
The bill pending in the Senate is called the Economic Stimulus Act of 2008. It calls for a tax rebate of $500 for single filers, $1,000 for joint filers and $300 for each child under 17.
Both versions contain similar income limitations to qualify for the rebate. Under the House bill, the rebate starts to phase out for single filers with an adjusted gross income (AGI) over $75,000 ($150,000 for joint filers).
To get an idea as to what your tax rebate might look like, you can use this simple Online Tax Rebate Calculator. It is based on the pending House legislation and factors in the income limitations and phase out. Remember the calculator only provides an estimate that is based on proposed legislation that has yet to become law and is subject to change.
Once the House and Senate agree on a final bill it will go before President Bush to be signed into law. When he does so, we'll let you know what the key provisions are here at the Fiscal Tax Blog.
No matter what form the rebate takes, one thing is certain - you will have to have filed your 2007 income tax return to receive the rebate.
 |  |  |
| ||
 | |  |
| ||
