"Rebate" check question

[uppityperson]

I have read that this is a sure thing, some sort of check from gvt/irs some such. I have read that it is a bill being worked on in congress. I have read that it is money that will be taken back next tax time (like that last one was, sort of prepaying a tax refund that if you didn't get you owed). I have read that it will not be taxed, is not part of future tax.

Does anyone know for sure for real wtf this is?
Any real answers appreciated, and if it is not set yet, that would be fine too. Thanks.

[stahbrett]

1. Google search turned up this link:

http://money.cnn.com/2008/02/07/news/economy/stimulus_congress_finalagreement/?postversion=2008020722

[uppityperson]

3. I saw that and read this DU thing through earlier and am confused.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2834748&mesg_id=2834748

I would've posted there but I couldn't find in with my mind in quicksearch mode.

[lligrd]

4. That Is The One I Was Referring To

Haven't seen it confirmed anywhere else yet but my suspicion is that it will be just like the last one. I do know that it is a ridiculous attempt to save the economy. Heck, why don't they just send us all a flat screen tv? That would ensure that we spend our advance.

[Frosty1]

5. I copied this quote

"The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time."

From that article this morning. Cnn changed the article.

http://digg.com/business_finance/Is_it_rebate_or_just_an_advance
The article sure did say this when I submitted the story. Word by word "The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time." Now CNN has removed it. Is there some source to confirm it one way or other?

Kinda hard to confirm it now that it's gone. I saw it before they edited it. CNN did remove that paragraph from the news article.

[lligrd]

2. CNN Said That It Would Be Taken Back

There was a link earlier. I believe a link is posted in the Economy forum.

[MANative]

6. Here's another answer from a CNN article updated

at 5:33pm:

Do I have to pay the rebate back?

No. And here's why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

Here's the link to the full article:
http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?cnn=yes