Has anyone seen the exact wording of the tax rebate bill?

It is my understanding that single taxpayers would receive "up to" $600. If you make at least $3000 you get $300. What is unclear is the "up to" wording. Are they actually saying you will receive the amount you paid in tax with a maximum of $600 and a minimum of $300 if you had at least $3000 income. For example if your total tax for the year was $500 is that what you would receive back? This is not a personal tax question. I just want to increase my knowledge of the tax bill.

Public Comments

1. They are working on the fine details at this time.
2. You can read the full text of the Economic Stimulus Act of 2008 at the THOMAS (Library of Congress) site http://thomas.loc.gov/cgi-bin/query/D?c110:5:./temp/~c110d6xykp:: --------------------------------- `(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)-- `(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and `(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer. `(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer-- `(A) has qualifying income of at least $3,000, or `(B) has-- `(i) net income tax liability which is greater than zero, and `(ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return). ---------------------------------
3. Yes this afternoon I read the Economic Stimulus Act of 2008, which authorizes the tax rebates. From my reading of the act, I believe you are correct in your knowledge. The act reads in part: Rebates will be in "an amount equal to the lesser of-- `(1) net income tax liability, or `(2) $600 ($1,200 in the case of a joint return)." "the amount determined ..... shall not be less than $300 ($600 in the case of a joint return)" Additional qualifying data requires "qualifying income of at least $3,000." or.... And those single people with over $75,000.00 of income would find their rebate reduced by 5% To answer your example question, from reading the act, I believe that if you had tax liability in 2007 of $500.00, then what you would receive for a rebate would be $500.00 The Act can be found at the U.S. Senate website. Not real easy reading, but you can find it there if your interested.