Taxpayer Rebate and Responsibility Act - Amends the Internal Revenue Code to provide for refunds or credits to individual taxpayers of a portion of their income tax for any year in which the Director of the Office of Management and Budget certifies that there is a surplus in the U.S. budget.
[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3784 Introduced in House (IH)]
108th CONGRESS
2d Session
H. R. 3784
To amend the Internal Revenue Code of 1986 to provide for refunds to
taxpayers of the budget surplus for each year of surplus.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 10, 2004
Mr. Cantor (for himself and Mr. Doolittle) 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 provide for refunds to
taxpayers of the budget surplus for each year of surplus.
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 ``Taxpayer Rebate and Responsibility
Act''.
SEC. 2. REFUND OF CERTAIN BUDGET SURPLUS AMOUNTS.
(a) In General.--Subchapter B of chapter 65 of the Internal Revenue
Code of 1986 (relating to abatements, credits, and refunds) is amended
by adding at the end the following new section:
``SEC. 6429. REFUND OF BUDGET SURPLUS AMOUNTS.
``(a) In General.--Each individual who was an eligible individual
for such individual's first taxable year beginning in the calendar year
in which a surplus year begins 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 lesser of--
``(1) the taxpayer's allocable portion of the refund amount
for such taxable year, or
``(2) the taxpayer's limitation amount for such taxable
year.
``(b) Timing of Payments.--In the case of any overpayment
attributable to this section, the Secretary shall, subject to the
provisions of this title, refund or credit such overpayment as rapidly
as possible.
``(c) Definitions.--For purposes of this section--
``(1) Eligible individual.--The term `eligible individual'
means any individual other than--
``(A) any estate or trust,
``(B) any nonresident alien individual, and
``(C) 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.
``(2) Surplus year.--The term `surplus year' means a fiscal
year for which the Director of the Office of Management and
Budget certifies to the President and the Congress after the
close of such year that there is a surplus in the budget of the
United States for such fiscal year and the amount of such
surplus, determined without regard to the income and
expenditures of the Federal Old-Age and Survivors Insurance
Trust Fund, the Federal Disability Insurance Trust Fund, and
the Federal Hospital Insurance Trust Fund. Such term shall not
include any year if the Secretary determines that the cost of
carrying out this section with respect to such year would
exceed the refund amount for such year.
``(3) Refund amount.--
``(A) In general.--The term `refund amount' means
with respect to a surplus year, the applicable
percentage of the amount of the surplus certified under
paragraph (2) for that year.
``(B) Applicable percentage.--The term `applicable
percentage' means such percentage as the Secretary may
determine with respect to any surplus year, except that
such percentage shall not be less than 50 percent nor
more than 100 percent.
``(4) Taxpayer's allocable portion of the refund amount.--A
taxpayer's allocable portion of the refund amount is the
portion of the refund amount determined by the Secretary to be
the amount which bears the same ratio to the tax paid by the
taxpayer under subtitle A for the taxpayer's first taxable year
beginning in the calendar year in which the surplus year begins
as the total amount of taxes imposed under subtitle A on all
eligible individuals for such taxable year bears to the total
amount of the refund amount for the surplus year.
``(5) Limitation amount.--The term `limitation amount'
means, with respect to any taxable year, the excess (if any)
of--
``(A) the sum of the regular tax liability (as
defined in section 26(b)) for such taxable year plus
the tax imposed by section 55 for such taxable year,
over
``(B) the sum of the credits allowable under part
IV of subchapter A of chapter 1 (other than the credits
allowable under subpart C thereof, relating to
refundable credits) for such taxable year.
``(d) Special Rules.--
``(1) No interest.--No interest shall be allowed on any
overpayment attributable to this section.
``(2) Joint returns.--In the case of a refund or credit
made or allowed under this section 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.''.
(b) Clerical Amendment.--The table of sections for subchapter B of
chapter 65 is amended by adding at the end the following new item:
``6429. Refund of budget surplus amounts.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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