[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1227 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1227

   To amend the Internal Revenue Code of 1986 to allow individuals a 
  refund of 5 percent of the income tax otherwise payable for taxable 
                               year 1999.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 27, 2001

Mr. Collins (for himself and Mr. Foley) 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 5 percent of the income tax otherwise payable for taxable 
                               year 1999.

    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 ``Emergency Economic Growth Act of 
2001''.

SEC. 2. REFUND OF 1999 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 1999 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 1999 in an amount equal to 5 percent of 
the amount of such individual's net income tax for such taxable year.
    ``(b) 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).
    ``(c) 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.
    ``(d) Joint Returns.--For purposes of this section, in the case of 
a joint return, both spouses shall be treated as 1 individual.
    ``(e) Marital Status.--The determination of marital status shall be 
made for purposes of this section under section 7703.
    ``(f) Certain Persons Not Eligible.--This section shall not apply 
to--
            ``(1) any estate or trust, and
            ``(2) any nonresident alien individual.''
    (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 1999 individual 
                                        income taxes.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1998.
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