Figuring out your tax rebate

Congress Approves Stimulus Package
Calculating Your RebateJust fifteen days after overwhelmingly passing the House of Representatives, the bipartisan Economic Stimulus plan became law. By May, Illinois taxpayers will receive rebate checks ranging from $300 (a senior citizen or disabled veteran) to $2,400 (Married, four children). These rebates will allow families to make a large purchase they have been planning for, or even pay down debt.

How to Calculate Your Refund

If You Are:
Single, earning between $3,000 and $75,000:
Your rebate is: $600
$300 per dependent child

If You Are:
Married, earning between $3,000 and $150,000
Your rebate is: $1,200
$300 per dependent child

If You Are:
Single, receiving $3,000 in Social Security or Veterans Benefits
Your rebate is: $300

Local businesses can make investments in the latest equipment this year with added tax incentives. The Treasury Department estimates that the stimulus package could add 500,000 jobs in 2008.This important bill also contains a temporary increase in FHA loan limits for Lake and Cook Counties from $200,160 to $362,105, giving homeowners the opportunity to refinance adjustable rate mortgages to long-term fixed rate loans through FHASecure.