Source: http://taxtv.com/code/01706-USCODE-2011-title26-subtitleF-chap65-subchapB-sec6428/
Timestamp: 2017-10-21 12:07:52
Document Index: 507445405

Matched Legal Cases: ['§6428', '§6428', '§6428', '§101', '§411', '§101', '§101', '§101', '§101', '§101', '§11801', '§102', '§101', '§411', '§411', '§411', '§101', '§2201', '§2202', '§101', '§101']

IRC §6428. 2008 recovery rebates for individuals - TaxTV.com
IRC §6428. 2008 recovery rebates for individuals
View related content: IRC §6428
In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of—
(2) $600 ($1,200 in the case of a joint return).
In the case of a taxpayer described in paragraph (2)—
(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and
(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
(2) Taxpayer described
A taxpayer is described in this paragraph if the taxpayer—
(A) has qualifying income of at least $3,000, or
(i) net income tax liability which is greater than zero, and
(ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return).
(c) Treatment of credit
(d) Limitation based on adjusted gross income
The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).
(1) Qualifying income
The term “qualifying income” means—
(A) earned income,
(B) social security benefits (within the meaning of section 86(d)), and
(C) any compensation or pension received under chapter 11, chapter 13, or chapter 15 of title 38, United States Code.
(2) Net income tax liability
The term “net income tax liability” means the excess of—
(A) the sum of the taxpayer’s regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over
(B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1.
The term “eligible individual” means any individual other than—
(B) any individual with respect to whom a deduction under section 1 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins, and
The term “earned income” has the meaning set forth in section 32(c)(2) except that such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.
(5) Basic standard deduction; exemption amount
The terms “basic standard deduction” and “exemption amount” shall have the same respective meanings as when used in section 6012(a).
(f) Coordination with advance refunds of credit
(g) Advance refunds and credits
Each individual who was an eligible individual for such individual’s first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.
(3) Timing of payments
(h) Identification number requirement
(C) in the case of any qualifying child taken into account under subsection (b)(1)(B), the valid identification number of such qualifying child.
For purposes of paragraph (1), the term “valid identification number” means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.
(Added Pub. L. 107–16, title I, §101(b)(1), June 7, 2001, 115 Stat. 42; amended Pub. L. 107–147, title IV, §411(a), Mar. 9, 2002, 116 Stat. 44; Pub. L. 110–185, title I, §101(a), Feb. 13, 2008, 122 Stat. 613; Pub. L. 110–245, title I, §§101(a), 102(b), June 17, 2008, 122 Stat. 1625.)
A prior section 6428, added Pub. L. 94–12, title I, §101(a), Mar. 29, 1975, 89 Stat. 27; amended Pub. L. 97–34, title I, §101(b)(1), Aug. 13, 1981, 95 Stat. 182; Pub. L. 97–448, title I, §101(a)(2), Jan. 12, 1983, 96 Stat. 2365, related to the 1981 rate reduction tax credit, prior to repeal by Pub. L. 101–508, title XI, §11801(a)(47), Nov. 5, 1990, 104 Stat. 1388–522.
2008—Pub. L. 110–185 amended section generally. Prior to amendment, section allowed eligible individuals a tax credit for the 2001 tax year and provided for certain advance refunds for the 2000 tax year.
Subsec. (e)(4). Pub. L. 110–245, §102(b), substituted “except that” for “except that—”, struck out “(B)” before “such term shall”, and struck out subpar. (A) which read as follows: “subclause (II) of subparagraph (B)(vi) thereof shall be applied by substituting ‘January 1, 2009’ for ‘January 1, 2008’, and”.
Subsec. (h)(3). Pub. L. 110–245, §101(a), added par. (3).
2002—Subsec. (b). Pub. L. 107–147, §411(a)(1), amended heading and text of subsec. (b) generally. Prior to amendment, text read as follows: “The credit allowed by subsection (a) shall not exceed the excess (if any) of—
Subsec. (d). Pub. L. 107–147, §411(a)(2)(A), amended heading and text of subsec. (d) generally. Prior to amendment, text read as follows:
“(A) In general.—The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (e). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).
“(2) Coordination with estimated tax.—The credit under this section shall be treated for purposes of section 6654(f) in the same manner as a credit under subpart A of part IV of subchapter A of chapter 1.”
Subsec. (e)(2). Pub. L. 107–147, §411(a)(2)(B), reenacted heading without change and amended text of par. (2) generally. Prior to amendment, text read as follows: “For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (d) and this subsection) had applied to such taxable year.”
Pub. L. 110–245, title I, §101(b), June 17, 2008, 122 Stat. 1625, provided that: “The amendments made by this section [amending this section] shall take effect as if included in the amendments made by section 101 of the Economic Stimulus Act of 2008 [Pub. L. 110–185].”
Amendment by section 102(b) of Pub. L. 110–245 applicable to taxable years ending after December 31, 2007, see section 102(d) of Pub. L. 110–245, set out as a note under section 32 of this title.
Section applicable to taxable years beginning after Dec. 31, 2000, see section 101(d)(1) of Pub. L. 107–16, set out as an Effective and Termination Dates of 2001 Amendment note under section 1 of this title.
Pub. L. 111–5, div. B, title II, §2201, Feb. 17, 2009, 123 Stat. 450, provided that:
“(i) Title ii benefit.—A benefit payment described in this clause is a monthly insurance benefit payable (without regard to sections 202(j)(1) and 223(b) of the Social Security Act (42 U.S.C. 402(j)(1), 423(b))[)] under—
“(I) section 202(a) of such Act (42 U.S.C. 402(a));
“(II) section 202(b) of such Act (42 U.S.C. 402(b));
“(III) section 202(c) of such Act (42 U.S.C. 402(c));
“(IV) section 202(d)(1)(B)(ii) of such Act (42 U.S.C. 402(d)(1)(B)(ii));
“(V) section 202(e) of such Act (42 U.S.C. 402(e));
“(VI) section 202(f) of such Act (42 U.S.C. 402(f));
“(VII) section 202(g) of such Act (42 U.S.C. 402(g));
“(VIII) section 202(h) of such Act (42 U.S.C. 402(h));
“(IX) section 223(a) of such Act (42 U.S.C. 423(a));
“(ii) Railroad retirement benefit.—A benefit payment described in this clause is a monthly annuity or pension payment payable (without regard to section 5(a)(ii) of the Railroad Retirement Act of 1974 (45 U.S.C. 231d(a)(ii))) under—
“(I) section 2(a)(1) of such Act (45 U.S.C. 231a(a)(1));
“(II) section 2(c) of such Act (45 U.S.C. 231a(c));
“(III) section 2(d)(1)(i) of such Act (45 U.S.C. 231a(d)(1)(i));
“(IV) section 2(d)(1)(ii) of such Act (45 U.S.C. 231a(d)(1)(ii));
“(V) section 2(d)(1)(iii)(C) of such Act to an adult disabled child (45 U.S.C. 231a(d)(1)(iii)(C));
“(VI) section 2(d)(1)(iv) of such Act (45 U.S.C. 231a(d)(1)(iv));
“(VII) section 2(d)(1)(v) of such Act (45 U.S.C. 231a(d)(1)(v)); or
“(VIII) section 7(b)(2) of such Act (45 U.S.C. 231f(b)(2)) with respect to any of the benefit payments described in clause (i) of this subparagraph.
“(I) section 1110, 1117, 1121, 1131, 1141, or 11 of title 38, United States Code;
“(III) section 1 3, 1521, 1533, 1536, 1537, 1541, 1542, or 1562 of title 38, United States Code; or
“(A) in the case of an individual entitled to a benefit specified in paragraph (1)(B)(i) or paragraph (1)(B)(ii)(VIII) if, for the most recent month of such individual’s entitlement in the 3-month period described in paragraph (1), such individual’s benefit under such paragraph was not payable by reason of subsection (x) or (y) of section 202 [of] the Social Security Act (42 U.S.C. 402) or section 1129A of such Act (42 U.S.C. 1320a–8a);
“(C) in the case of an individual entitled to a benefit specified in paragraph (1)(C) if, for such most recent month, such individual’s benefit under such paragraph was not payable by reason of subsection (e)(1)(A) or (e)(4) of section 1611 (42 U.S.C. 1382) or section 1129A of such Act (42 U.S.C. 1320a–8a); or
“(3) Payments protected from assignment.—The provisions of sections 207 and 1631(d)(1) of the Social Security Act (42 U.S.C. 407, 1383(d)(1)), section 14(a) of the Railroad Retirement Act of 1974 (45 U.S.C. 231m(a)), and section 5301 of title 38, United States Code, shall apply to any payment made under subsection (a) as if such payment was a benefit payment or cash benefit to such individual under the applicable program described in subparagraph (B) or (C) of subsection (a)(1).
“(A) Payment on the basis of a title ii or ssi benefit.—Section 1129(a)(3) of the Social Security Act (42 U.S.C. 1320a–8(a)(3)) shall apply to any payment made on the basis of an entitlement to a benefit specified in paragraph (1)(B)(i) or (1)(C) of subsection (a) in the same manner as such section applies to a payment under title II or XVI of such Act [42 U.S.C. 401 et seq., 1381 et seq.].
Pub. L. 111–5, div. B, title II, §2202, Feb. 17, 2009, 123 Stat. 454, provided that:
“(B) Appropriations.—For purposes of section 1324(b)(2) of title 31, United States Code, the credit allowed by subsection (a) shall be treated in the same manner [as] a refund from the credit allowed under section 36A of the Internal Revenue Code of 1986 (as added by this Act).
Pub. L. 110–185, title I, §101(c), Feb. 13, 2008, 122 Stat. 616, provided that:
“(C) Treatment of payments.—For purposes of section 1324(b)(2) of title 31, United States Code, the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section 6428 of the Internal Revenue Code of 1986 (as amended by this section).”
Pub. L. 110–185, title I, §101(d), Feb. 13, 2008, 122 Stat. 616, provided that: “Any credit or refund allowed or made to any individual by reason of section 6428 of the Internal Revenue Code of 1986 (as amended by this section) or by reason of subsection (c) of this section [set out as a note above] shall not be taken into account as income and shall not be taken into account as resources for the month of receipt and the following 2 months, for purposes of determining the eligibility of such individual or any other individual for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.”