I
107TH CONGRESS
1ST SESSION
H. R. 1208
To amend the Internal Revenue Code of 1986 to allow individuals a refund
of up to 5 percent of the income tax otherwise payable for taxable
year 2000.
IN THE HOUSE OF REPRESENTATIVES
MARCH 26, 2001
Mr. FOLEY (for himself, Mr. HOUGHTON, and Mr. COLLINS) introduced the
following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow indi-
viduals a refund of up to 5 percent of the income tax
otherwise payable for taxable year 2000.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Working Americans’
Tax Rebate Act of 2001’’.
SEC. 2. REFUND OF 2000 INDIVIDUAL INCOME TAXES.
(a) IN GENERAL.—Subchapter B of chapter 65 of the
Internal Revenue Code of 1986 (relating to rules of special
application) is amended by adding at the end the following
new section:
‘‘SEC. 6428. REFUND OF 2000 INDIVIDUAL INCOME TAXES.
‘‘(a) IN GENERAL.—Each individual shall be treated
as having made a payment against the tax imposed by
chapter 1 for such individual’s first taxable year beginning
in 2000 in an amount equal to 5 percent of the amount
of such individual’s net income tax for such taxable year.
‘‘(b) MINIMUM PAYMENT.—The amount treated as
paid by reason of this section shall not be less than the
lesser of—
‘‘(1) the amount of the taxpayer’s net income
tax for such taxpayer’s first taxable year beginning
in 2000, or
‘‘(2) $100 ($50 in the case of a married indi-
vidual filing a separate return).
‘‘(c) MAXIMUM PAYMENT.—The amount treated as
paid by reason of this section shall not exceed $500 ($250
in the case of a married individual filing a separate re-
turn).
‘‘(d) NET INCOME TAX.—For purposes of this sec-
tion, the term ‘net income tax’ means the amount equal
to the excess (if any) of—
‘‘(1) the sum of the regular tax liability (as de-
fined in section 26(b)) plus the tax imposed by sec-
tion 55, over
‘‘(2) the sum of the credits allowable under part
IV of subchapter A (other than the credits allowable
by sections 31 and 34).
‘‘(e) DATE PAYMENT DEEMED MADE.—The payment
provided by this section shall be deemed made on the later
of—
‘‘(1) the date prescribed by law (determined
without extensions) for filing the return of tax im-
posed by chapter 1 for the taxable year, or
‘‘(2) the date on which the taxpayer files his re-
turn of tax imposed by chapter 1 for the taxable
year.
‘‘(f) JOINT RETURNS.—For purposes of this section,
in the case of a joint return, both spouses shall be treated
as 1 individual.
‘‘(g) MARITAL STATUS.—The determination of mar-
ital status shall be made for purposes of this section under
section 7703.
‘‘(h) CERTAIN PERSONS NOT ELIGIBLE.—This sec-
tion shall not apply to—
‘‘(1) any estate or trust, and
‘‘(2) any nonresident alien individual.
‘‘(i) DISALLOWANCE OF INTEREST.—Interest shall
not be allowed on amounts treated as a payment under
subsection (a).’’
(b) CLERICAL AMENDMENT.—The table of sections
for subchapter B of chapter 65 of such Code is amended
by adding at the end the following new item:
‘‘Sec. 6428. Refund of 2000 individual income taxes.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1999.
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