I heard that the rebate checks will be coming out in May because its based on taxes...?

I really don't think they will send you your rebate any sooner since you have already done your taxes. Several years ago when the government did a rebate, they sent it out according to the last two digits of your social security number. So during week one, they would send out the rebates to those taxpayers whose last two digits were 00-09, the next week 10-19......like that. I'm sure they will do the same thing this year too instead of randomly sending them out, although those who file late would have no information on file for 2007 so they would get their rebates much later I would think!

The rebate checks will be based upon the IRS' estimate of your 2008 tax liability. How the IRS will come up with those estimates remains to be seen.

There appears to be two built-in protections on this legislation. If you receive a rebate but should not have, you may keep it; you will not be required to pay it back. And if you should have received one but don't get it, you'll receive credit for it on your 2008 tax return.

Do (rebate) checks have anything to do with overpayment that you filed for 2007? I think you will get your refund earlier than May. But I am not up on it so good luck.

The checks are now supposed to go out in May. But they didn't say what part of May.

So don't get excited until getting it in June.

No, it's likely to take that long anyway to define the exact rules and to do the programming needed to produce the checks.