PUBLIC LAW 94-12—MAR. 29, 1975
89 STAT. 27
TITLE VII—MISCELLANEOUS PROVISIONS Sec. 701. Certain unemployment compensation. Sec. 702. Special payment to recipients of benefits under certain retirement and survivor benefit programs. SEC. 2. AMENDMENT OF 1954 CODE. Except as otherwise expressly provided, whenever in this Act a n amendment or repeal is expressed in terms of an amendment to, or repeal of. a section or other provision, the reference shall be considered to be made to a section or other provision of the I n t e r n a l Revenue Code of 1954. 26 USC 1 et seq.
TITLE I—REFUND OF 1974 INDIVIDUAL INCOME TAXES SEC. 101. REFUND OF 1974 INDIVIDUAL INCOME TAXES. (a) IN GENERAL.—Subchapter B of chapter 65 (relating to rules of special application in the case of abatements, credits, and refunds) is amended by a d d i n g at the end thereof the following new section: "SEC. 6428. REFUND OF 1974 INDIVIDUAL INCOME TAXES. 26 USC 6428. " (a) GENERAL RULE. — E x c e p t as otherwise provided in this section, each individual shall be treated as having made a payment against the tax imposed by chapter 1 for his first taxable year beginning in 1974 26 USC 1. in an amount equal to 10 percent of the amount of his liability for tax for such taxable year. " (b) MINIMUM P A Y M E N T. — 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 liability for tax for his first taxable year beginning in 1974, or " (2) $100 ($50 in the case of a married individual filing a separate r e t u r n). "(c)
MAXIMUM PAYMENT.—
" (1) IN GENERAL.—The amount treated as paid by reason of this section shall not exceed $200 ($100 in the case of a married individual filing a separate r e t u r n). " (2)
LIMITATION BASED ON ADJUSTED GROSS INCOME.—The excess
(if any) of— " (A) the amount which would (but for this paragraph) be treated as paid by reason of this section, over " (B) the applicable minimum payment provided by subsection (b), shall be reduced (but not below zero) by an amount which bears the same ratio to such excess as the adjusted gross income for the taxable year in excess of $20,000 bears to $10,000. I n the case of a m a r r i e d individual filing a separate return, the preceding sentence shall be applied by substituting '$10,000' for '$20,000' and by substituting'$5,000'for'$10,000'. " (d) LIABILITY FOR T A X. — For purposes of this section, the liability for tax for the taxable year shall be the sum of— " (1) the tax imposed by chapter 1 for such year, reduced by the sum of the credits allowable under— " (A) section 33 (relating to foreign tax c r e d i t), " (B) section 37 jrelating to retirement income), " (C) section 38 (relating to investment in certain depreciable property), " (D) section 40 (relating to expenses of work incentive program s), and
26 USC 33. 26 USC 37. 26 USC 38. 26 USC 40.
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