Page:United States Statutes at Large Volume 115 Part 1.djvu/65

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 43 in the same manner as a credit under subpart A of part IV of subchapter A of chapter 1. "(e) ADVANCE REFUNDS OF CREDIT BASED ON PRIOR YEAR DATA. — "(1) IN GENERAL.— Each individual who was an eligible individual for such individual's first taxable year beginning in 2000 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 (d) and this subsection) had applied to such taxable year. "(3) TIMING OF PAYMENTS.— In the case of any overpayment attributable to this subsection, 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, 2001. No refund or credit shall be made or allowed under this subsection after December 31, 2001. "(4) No INTEREST.—No interest shall be allowed on any overpayment attributable to this subsection.". (2) CLERICAL AMENDMENT.—The table of sections for sub- • chapter B of chapter 65 is amended by adding at the end the following new item: "Sec. 6428. Acceleration of 10 percent income tax rate bracket benefit for 2001.". (c) CONFORMING AMENDMENTS.— (1) Subparagraph (B) of section 1(g)(7) is amended by 26 USC 1. striking "15 percent" in clause (ii)(II) and inserting "10 percent.". (2) Section 1(h) is amended— (A) by striking "28 percent" both places it appears in paragraphs (l)(A)(ii)(I) and (l)(B)(i) and inserting "25 percent", and (B) by striking paragraph (13). (3) Section 15 is amended by adding at the end the following new subsection: "(f) RATE REDUCTIONS ENACTED BY ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001. —Th is section shall not apply to any change in rates under subsection (i) of section 1 (relating to rate reductions after 2000).". (4) Section 531 is amended by striking "equal to" and all that follows and inserting "equal to the product of the highest rate of tax under section 1(c) and the accumulated taxable income.". (5) Section 541 is amended by striking "equal to" and all that follows and inserting "equal to the product of the highest rate of tax under section 1(c) and the undistributed personal holding company income.". (6) Section 3402(p)(l)(B) is amended by striking "7, 15, 28, or 31 percent" and inserting "7 percent, any percentage applicable to any of the 3 lowest income brackets in the table under section 1(c),". (7) Section 3402(p)(2) is amended by striking "15 percent" and inserting "10 percent". 89-194O -03 -3 QL3 Part1

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