Who is elgible to recieve this $600 tax credit?

Is it just homeowners?

Who is elgible to recieve this $600 tax credit?
It is not a "tax credit". It is a "tax rebate".





The House has passed a tax rebate bill currently being considered by the Senate.





Under the terms of the House bill, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.





While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.





It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.





Nothing has passed Congress yet, so all details are subject to change. Check out the referenced site below for an automated estimate of your rebate.
Reply:What tax credit? Are you speaking of the TAX REBATE which has not even been approved yet? No one knows the final figures.
Reply:It's not a "tax credit". It's an extra bonus amount of money (called an "economic stimulus package") that might be given to all taxpayers.





All you have to do to get it -- assuming it gets passed by both the House and the Senate -- is to have filed a tax return this year. All taxpayers are going to get their money.





Again, that's *IF* it gets passed. That hasn't happened yet.