Internal Revenue Code:Sec. 6429. Advance Payment of Portion of Increased Child Credit for 2003.

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Contents

Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 65 - ABATEMENTS, CREDITS, AND REFUNDS
        Subchapter B - Rules of Special Application
      

Statute


     Sec. 6429.  Advance Payment of Portion of Increased Child Credit for 2003.

       (a) In General.--Each taxpayer who was allowed a credit under 
         section 24 on the return for the taxpayer's first taxable year beginning 
         in 2002 shall be treated as having made a payment against the tax 
         imposed by chapter 1 for such taxable year in an amount equal to the 
         child tax credit refund amount (if any) for such taxable year.
       (b) Child Tax Credit Refund Amount.--For purposes of this section, 
         the child tax credit refund amount is the amount by which the aggregate 
         credits allowed under part IV of subchapter A of chapter 1 for such 
         first taxable year would have been increased if--
          (1) the per child amount under section 24(a)(2) for such 
            year were $1,000,
          (2) only qualifying children (as defined in section 24(c)) 
            of the taxpayer for such year who had not attained age 17 as of 
            December 31, 2003, were taken into account, and
          (3) section 24(d)(1)(B)(ii) did not apply.

       (c) 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 and, to the extent practicable, before October 1, 2003. No 
         refund or credit shall be made or allowed under this section after 
         December 31, 2003.
       (d) Coordination With Child Tax Credit.--
          (1) In general.--The amount of credit which would (but for 
            this subsection and section 26) be allowed under section 24 for 
            the taxpayer's first taxable year beginning in 2003 shall be 
            reduced (but not below zero) by the payments made to the 
            taxpayer under this section. 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 payment under this 
            section with respect to a joint return, half of such payment 
            shall be treated as having been made to each individual filing 
            such return.

       (e) No Interest.--No interest shall be allowed on any overpayment 
         attributable to this section.
 

Sources

    Pub. L. 108-27, title I, Sec. 101(b)(1), May 28, 2003
 

Amendment of Section


                                AMENDMENTS
     2003 - Pub. L. 108-27, Sec. 101(b), May 28, 2003, amends 26 USC 6429 
       by inserting the  entirely new section 6429, Advance Payment of 
       Portion of Increased Child Credit for 2003.  This amendment takes 
       effect on the on the date of enactment of this Act.

                           TERMINATION OF SECTION
  
 

Miscellaneous

    

References

                  
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