Working Americans' Tax Rebate Act of 2001

Working Americans' Tax Rebate Act of 2001 - Amends the Internal Revenue Code to allow individuals a refund of up to five percent of the income tax otherwise payable for taxable year 2000. Treats each individual as having made a payment against his or her income tax for the first taxable year beginning in 2000 in an amount equal to five percent of the amount of such individual's net income tax.

States that the amount treated as paid 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 individual filing a separate return). Sets the maximum amount treated as paid at $500 ($250 in the case of a married individual filing a separate return).

Makes estates, trusts, and nonresident alien individuals ineligible for such refund.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1208 Introduced in House (IH)]







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 individuals 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 Representatives 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 individual 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 return).
    ``(d) Net Income Tax.--For purposes of this section, the term `net 
income tax' means the amount equal to the excess (if any) of--
            ``(1) the sum of the regular tax liability (as defined in 
        section 26(b)) plus the tax imposed by section 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 imposed by chapter 1 
        for the taxable year, or
            ``(2) the date on which the taxpayer files his return 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 marital status shall be 
made for purposes of this section under section 7703.
    ``(h) Certain Persons Not Eligible.--This section 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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