Last month Microsoft cut the price of the Xbox 360 Elite down to $299. Today the company announced that if you buy an Xbox 360 Elite between today, Sept. 22, and Oct. 5, you will receive a $50 rebate, bringing the price down to $249. It is important to note that this rebate is only applies to purchases made in the United States.

For those of you who don’t know, the Xbox 360 Elite comes features a special black paint job, a 120 GB hard drive, a black wireless Xbox 360 control, a black Xbox 360 headset and a HDMI port.

For the official press release, hit the jump.

Beginning today through Oct. 5, when you purchase an Xbox 360 Elite for $299, Xbox 360 will put $50 back into your pocket with a limited-time rebate. Coupled with the recent price drop of the Xbox 360 Elite console, this offer makes your premium games and entertainment experience more affordable than ever.

Xbox 360 Elite puts all your entertainment in one place so you can play games, watch movies and TV shows, listen to music, and, coming this fall, keep up with your Twitter and Facebook social circles, all from your living room. Additionally, with a Netflix unlimited membership and an Xbox LIVE Gold Membership you can instantly watch movies and TV episodes streamed from Netflix, recommend your favorite shows and share in a movie party night with up to 7 friends — all on Xbox LIVE.

And, as announced earlier this year, the Xbox 360 you buy today will work with “Project Natal” and controller-free gaming in the future.

You may be eligible for the $50 Mail-in rebate when you purchase an Xbox 360 Elite in the U.S. between Sept. 22 and Oct. 5. Visit www.xbox.com/eliterebate/ for more details and rebate requirements.