§ 6428. 2008 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 2008 an amount equal to the lesser of—
(b)
Special rules
(1)
In general
In the case of a taxpayer described in paragraph (2)—
(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)
Definitions
For purposes of this section—
(2)
Net income tax liability
The term “net income tax liability” means the excess of—
(A)
the sum of the taxpayer’s regular tax liability (within the meaning of section
26
(b)) and the tax imposed by section
55 for the taxable year, over
(B)
the credits allowed by part IV (other than section
24 and subpart C thereof) of subchapter A of chapter 1.
(3)
Eligible individual
The term “eligible individual” means any individual other than—
(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
(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).
(g)
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 (f) and this subsection) had applied to such taxable year.
(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—