Page:United States Statutes at Large Volume 122.djvu/638

 12 2 STA T .6 1 5PUBLIC LA W 11 0– 1 8 5 —FE B.1 3, 2008 ‘ ‘ (B)suchterm sh al l no t i nclu d e net earnin g s f rom self - em p lo y ment w hich are not ta k en into account in com- puting ta x a b le income . ‘‘( 5 )B ASIC S T A ND A R DD E D U CTI O N E X E MP TION AMOUNT. —T he terms ‘basic standard deduction ’ and ‘exemption amount’ shall ha v e the same respective meanings as when used in section 6012 (a). ‘‘(f) C OORDINATION W IT HA D V ANCE R E F UNDS OF CREDIT.— ‘‘(1) I N G ENERA L .—The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below z ero) 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 621 3 (b)(1). ‘‘(2) J OINT RETURNS.—In the case of a refund or credit made or allowed under subsection (g) with respect to a j oint 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.— E ach individual who was an eligible individual for such individual’s first taxable year beginning in 200 7 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount e q ual to the advance refund amount for such taxable year. ‘‘(2) ADVANCE REFUND AMOUNT.— F or 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 PA Y MENTS.—The S ecretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible. N o refund or credit shall be made or allowed under this subsection after D ecember 31, 200 8 . ‘‘( 4 ) NO INTEREST.—No interest shall be allowed on any overpayment attributable to this section. ‘‘(h) IDENTIFICATION NUM B ER RE Q UIREMENT.— ‘‘(1) IN GENERAL.—No credit shall be allowed under sub- section (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) V ALID IDENTIFICATION NUMBER.—For purposes of para- graph (1), the term ‘valid identification number’ means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.’’. (b) ADMINISTRATIVE AMENDMENTS.— (1) DEFINITION OF DEFICIENCY.—Section 6211(b)(4)(A) of the Internal Revenue Code of 1 9 86 is amended by striking ‘‘and 53(e)’’ and inserting ‘‘53(e), and 6428’’. 26USC 62 1 1 .Deadlin e.

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