

Some residents qualify for a local rebate of $3,000



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RE: More hanouts for the rich
By Spuke on 8/24/2012 2:16:08 PM , Rating: 2
1) these programs are for people that make $35k a year. If at the end of the year you've paid $10k in taxes to the federal government you get a refund check BACK. a credit is different from a deduction people. why is this so hard to understand?
Jesus people! THERE'S NO REFUND!!!!!!!!!!!!!!!!!!!!!! If you owe $4000 in taxes (someone making $35k is NOT going to owe anywhere near that're still in the refund bracket), you get $4000 APPLIED to your $4000 liability. There is no check to cash, no refunds, and no rebates.

By BifurcatedBoat on 8/24/2012 8:32:42 PM , Rating: 2
You cannot come out net-positive for the year on federal taxes via this credit.

However, if you've been making estimated Federal income tax payments all year - and if you work a normal job they've automatically been deducting it - then you can get up to all of that money back in the form of a refund check.

So if your tax liability for the year is $7,500 or more, and that tax has already been given to the government in the form of estimated withholdings, then yes you would get a refund check for the full $7,500.

Only if your Federal liability is less than $7,500 would you not be able to get the full amount. Chances are though, if you're even considering buying a new car, you probably owe more than $7,500.

