In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Immediate Financial Assistance for
America's Seniors Act of 2008''.

SEC. 2. 2008 RECOVERY REBATES FOR CERTAIN INDIVIDUALS RECEIVING SOCIAL
SECURITY BENEFITS.

(a) In General.--Subchapter B of chapter 65 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:

''SEC. 6431. 2008 RECOVERY REBATES FOR CERTAIN INDIVIDUALS RECEIVING
SOCIAL SECURITY BENEFITS.

''(a) In General.--In the case of an eligible individual who is an
eligible social security recipient, 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 $300 ($600 in the case of a joint
return).
''(b) Treatment of Credit.--The credit allowed by subsection (a)
shall be treated as allowed by subpart C of part IV of subchapter A of
chapter 1.
''(c) 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).
''(d) Definitions and Special Rules.--For purposes of this
section--
''(1) Eligible social security recipient.--The term
'eligible social security recipient' means, with respect to any
taxable year, any taxpayer who--
''(A) received a social security benefit (as
defined in section 86(d)) during such taxable year, and
''(B) has earned income which is less than $3,000.
''(2) Eligible individual.--The term 'eligible individual'
means any individual other than--
''(A) any nonresident alien individual,
''(B) any individual with respect to whom a
deduction under section 151 is allowable to another
taxpayer for a taxable year beginning in the calendar
year in which the individual's taxable year begins, and
''(C) an estate or trust.
''(3) Earned income.--The term 'earned income' has the
meaning set forth in section 32(c)(2) except that--
''(A) subclause (II) of subparagraph (B)(vi)
thereof shall be applied by substituting 'January 1,
2009' for 'January 1, 2008', and
''(B) such term shall not include net earnings from
self-employment which are not taken into account in
computing taxable income.
''(e) Coordination With Advance Refunds of Credit.--
''(1) 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 (f).
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) Joint returns.--In the case of a refund or credit
made or allowed under subsection (f) with respect to a joint
return, half of such refund or credit shall be treated as
having been made or allowed to each individual filing such
return.
''(f) Advance Refunds and Credits.--
''(1) In general.--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.
''(2) Advance refund amount.--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 (e) and
this subsection) had applied to such taxable year.
''(3) Timing of payments.--The Secretary shall, subject to
the provisions of this title, refund or credit any overpayment
attributable to this section as rapidly as possible. No refund
or credit shall be made or allowed under this subsection after
December 31, 2008.
''(4) No interest.--No interest shall be allowed on any
overpayment attributable to this section.''.
(b) Treatment of Possessions.--
(1) Mirror code possession.--The Secretary of the Treasury
shall make a payment to each possession of the United States
with a mirror code tax system in an amount equal to the loss to
that possession by reason of the amendments made by this
section. Such amount shall be determined by the Secretary of
the Treasury based on information provided by the government of
the respective possession.
(2) Other possessions.--The Secretary of the Treasury shall
make a payment to each possession of the United States which
does not have a mirror code tax system in an amount estimated
by the Secretary of the Treasury as being equal to the
aggregate benefits that would have been provided to residents
of such possession by reason of the amendments made by this
section if a mirror code tax system had been in effect in such
possession. The preceding sentence shall not apply with respect
to any possession of the United States unless such possession
has a plan, which has been approved by the Secretary of the
Treasury, under which such possession will promptly distribute
such payment to the residents of such possession.
(3) Definitions and special rules.--
(A) Possession of the united states.--For purposes
of this subsection, the term ''possession of the United
States'' includes the Commonwealth of Puerto Rico and
the Commonwealth of the Northern Mariana Islands.
(B) Mirror code tax system.--For purposes of this
subsection, the term ''mirror code tax system'' means,
with respect to any possession of the United States,
the income tax system of such possession if the income
tax liability of the residents of such possession under
such system is determined by reference to the income
tax laws of the United States as if such possession
were the United States.
(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 6431 of the Internal Revenue Code of 1986
(as added by this section).
(c) Conforming Amendments.--
(1) Paragraph (2) of section 1324(b) of title 31, United
States Code, is amended by inserting ''or 6431'' after
''section 35''.
(2) The table of contents for subchapter B of chapter 65 of
the Internal Revenue Code of 1986 is amended by adding at the
end the following new item:

''Sec. 6431. 2008 recovery rebates for certain individuals receiving
social security benefits.''.
Immediate Financial Assistance for America's Seniors Act of 2008 - Amends the Internal Revenue Code to allow social security recipients with earned income less than $3,000 a $300 refundable tax credit ($600 for married couples filing a joint tax return) in 2008. Reduces the amount of such credit by 5% of the amount by which the taxpayer's adjusted gross income exceeds $75,000.