[Congressional Record Volume 166, Number 55 (Saturday, March 21, 2020)]
[Senate]
[Page S1891]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1562. Mr. HAWLEY submitted an amendment intended to be proposed by
him to the bill S. 3548, to provide emergency assistance and health
care response for individuals, families, and businesses affected by the
2020 coronavirus pandemic; which was referred to the Committee on
Finance; as follows:
In section 2101, strike subsection (a) and insert the
following:
(a) In General.--Subchapter B of chapter 65 of subtitle F
of the Internal Revenue Code of 1986 is amended by inserting
after section 6427 the following new section:
``SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.
``(a) In General.--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 2020 an
amount equal to $1,200 ($2,400 in the case of a joint
return).
``(b) Child Benefit.--
``(1) In general.--In the case of a taxpayer described in
paragraph (2), the amount determined under subsection (a)
shall be increased by the product of $500 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) is a resident of the United States of America, and
``(B) has a valid Social Security number or Individual
Taxpayer Identification Number.
``(c) 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.
``(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).
``(e) Eligible Individual.--The term `eligible individual'
means any individual other than--
``(1) any nonresident alien individual,
``(2) 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
``(3) an estate or trust.
``(f) 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 (g).
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 (g) 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.
``(g) Advance Refunds and Credits.--
``(1) In general.--Subject to paragraph (5), each
individual who was an eligible individual for such
individual's first taxable year beginning in 2018 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 (f) 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, 2020.
``(4) No interest.--No interest shall be allowed on any
overpayment attributable to this section.
``(5) Alternate taxable year.--In the case of an individual
who, at the time of any determination made pursuant to
paragraph (3), has not filed a tax return for the year
described in paragraph (1), the Secretary may apply such
paragraph by substituting `2019' for `2018'.
``(h) Identification Number Requirement.--
``(1) In general.--No credit shall be allowed under
subsection (a) to an eligible individual who does not include
on the return of tax for the taxable year--
``(A) such individual's valid identification number,
``(B) in the case of a joint return, the valid
identification number of such individual's spouse, and
``(C) in the case of any qualifying child taken into
account under subsection (b)(1)(B), the valid identification
number of such qualifying child.
``(2) Valid identification number.--
``(A) In general.--For purposes of paragraph (1), the term
`valid identification number' means a social security number
(as such term is defined in section 24(h)(7)).
``(B) Adoption taxpayer identification number.--For
purposes of paragraph (1)(C), in the case of a qualifying
child who is adopted, the term `valid identification number'
shall include the adoption taxpayer identification number of
such child.
``(i) Regulations.--The Secretary shall prescribe such
regulations or other guidance as may be necessary to carry
out the purposes of this section.''.
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