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partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. The Elkins Act (1903), the Hepburn Act (1906), and the regulations of the Interstate Commerce CommissionInterstate Commerce Commission
(ICC), former independent agency of the U.S. government, established in 1887; it was charged with regulating the economics and services of specified carriers engaged in transportation between states.
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 prohibit and penalize railroad rebates. A tax rebate from local, state, or federal governments may occur when unexpectedly large tax revenues create a budget surplus. The term is also used to refer to coupons, trading stamps, and other premiums used by retailers to stimulate sales.
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rabbet, rebate

rabbet, 1
1. A longitudinal channel, groove, or recess cut out of the edge or face of a member; esp. one to receive another member, or one to receive a frame inserted in a door or window opening, or the recess into which glass is installed in a window sash.
3. A shallow recess in one body to receive another, as at the edges of a pair of doors or windows so shaped as to provide a tight fit; one half of the edge projects beyond, and serves as a stop for, the other edge of each leaf.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.


a refund of a fraction of the amount payable or paid, as for goods purchased in quantity; discount
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
Thus, rebated amounts that were intended to reduce a list price to an agreed net price should be treated as exclusions.
The bill also would add a new section to the Truth in Lending Act to require "prompt" refund of unearned finance charges and insurance premiums when any consumer credit transaction is prepaid; prohibit the use of the "Rule of 78s" method for calculating the amount of finance charges to be rebated in prepayments of precomputed loans, and instead require the use of the actuarial method or another method that is as favorable to the consumer; and require that a disclosure of the amount due on any precomputed loan be provided on the consumer's request.
Second, it must be determined if permissible arbitrage was earned and whether it must be rebated to the Federal Government.