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Federal law — U.S. Code and appendices · legal_authorities
For credit against the tax imposed by this subtitle for overpayments of tax, see section 6401.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 37
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Source file: Laws/federal/codes/united-states-code/title-26/section-37-overpayments-of-tax--adb5487b86.md
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Source location: Title 26, Chapter 1, § 37; chapter-001-normal-taxes-and-surtaxes.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 15 percent of such individual’s section 22 amount for such taxable year. **(b) Qualified individual** For purposes of this section, the term “qualified individual” means any individual— (1) who has attained age 65 before the close of the taxable year, or (2) who retired on disability before the close of the taxable year and who, when he retired, was permanently and totally disabled. **(c) Section 22 amount** For purposes of subsection (a)— (1) **In general** — An individual’s section 22 amount for the taxable year shall be the applicable initial amount determined under paragraph (2), reduced as provided in paragraph (3) and in subsection (d). (2) **Initial amount** (A) *In general* — Except as provided in subparagraph (B), the initial amount shall be— (i) $5,000 in the case of a single individual, or a joint return where only one spouse is a qualified individual, (ii) $7,500 in the case of a joint return where both spouses are qualified individuals, or (iii) $3,750 in the case of a married individual filing a separate return. (B) *Limitation in case of individuals who have not attained age 65* (i) *In general* — In the case of a qualified individual who has not attained age 65 before the close of the taxable year, except as provided in clause (ii), the initial amount shall not exceed the disability income for the taxable year. (ii) *Special rules in case of joint return* — In the case of a joint return where both spouses are qualified individuals and at least one spouse has not attained age 65 before the close of the taxable year— (I) if both spouses have
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 22
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitation based on amount of tax** The aggregate amount of credits allowed by this subpart for the taxable year shall not exceed the sum of— (1) the taxpayer’s regular tax liability for the taxable year reduced by the foreign tax credit allowable under section 27, and (2) the tax imposed by section 55(a) for the taxable year. **(b) Regular tax liability** For purposes of this part— (1) **In general** — The term “regular tax liability” means the tax imposed by this chapter for the taxable year. (2) **Exception for certain taxes** — For purposes of paragraph (1), any tax imposed by any of the following provisions shall not be treated as tax imposed by this chapter: (A) section 55 (relating to minimum tax), (B) section 59A (relating to base erosion and anti-abuse tax), (C) subsection (m)(5)(B), (q), (t), or (v) of section 72 (relating to additional taxes on certain distributions), (D) section 143(m) (relating to recapture of proration of Federal subsidy from use of mortgage bonds and mortgage credit certificates), (E) section 530(d)(4) (relating to additional tax on certain distributions from Coverdell education savings accounts), (F) section 531 (relating to accumulated earnings tax), (G) section 541 (relating to personal holding company tax), (H) section 1351(d)(1) (relating to recoveries of foreign expropriation losses), (I) section 1374 (relating to tax on certain built-in gains of S corporations), (J) section 1375 (relating to tax imposed when passive investment income of corporation having subchapter C earnings and profits exceeds 25 percent of gross receipts), (K) subparagraph (A) of section 7518(g)(6) (relating to nonqualified withdrawals from capital construction funds taxed at highest marginal rate), (L) sections 87
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 26
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the case of an individual, there shall be allowed as a credit against the tax imposed by subtitle A an amount equal to 72.5 percent of the amount paid by the taxpayer for coverage of the taxpayer and qualifying family members under qualified health insurance for eligible coverage months beginning in the taxable year. **(b) Eligible coverage month** For purposes of this section— (1) **In general** — The term “eligible coverage month” means any month if— (A) as of the first day of such month, the taxpayer— (i) is an eligible individual, (ii) is covered by qualified health insurance, the premium for which is paid by the taxpayer, (iii) does not have other specified coverage, and (iv) is not imprisoned under Federal, State, or local authority, and (B) such month begins more than 90 days after the date of the enactment of the Trade Act of 2002, and before January 1, 2022. (2) **Joint returns** — In the case of a joint return, the requirements of paragraph (1)(A) shall be treated as met with respect to any month if at least 1 spouse satisfies such requirements. **(c) Eligible individual** For purposes of this section— (1) **In general** — The term “eligible individual” means— (A) an eligible TAA recipient, (B) an eligible alternative TAA recipient, and (C) an eligible PBGC pension recipient. (2) **Eligible TAA recipient** (A) *In general* — Except as provided in subparagraph (B), the term “eligible TAA recipient” means, with respect to any month, any individual who is receiving for any day of such month a trade readjustment allowance under chapter 2 of title II of the Trade Act of 1974 or who would be eligible to receive such allowance if section 231 of such Act were applied without regard to subsection (a)(3)(
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 35
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** In the case of an individual who is a first-time homebuyer of a principal residence in the United States during a taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to 10 percent of the purchase price of the residence. **(b) Limitations** (1) **Dollar limitation** (A) *In general* — Except as otherwise provided in this paragraph, the credit allowed under subsection (a) shall not exceed $8,000. (B) *Married individuals filing separately* — In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting “$4,000” for “$8,000”. (C) *Other individuals* — If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $8,000. (D) *Special rule for long-time residents of same principal residence* — In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting “$6,500” for “$8,000” and “$3,250” for “$4,000”. (2) **Limitation based on modified adjusted gross income** (A) *In general* — The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as— (i) the excess (if any) of— (I) the taxpayer’s modified adjusted gross income for such taxable year, over (II) $125,000
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 36
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of— (1) the business credit carryforwards carried to such taxable year, (2) the amount of the current year business credit, plus (3) the business credit carrybacks carried to such taxable year. **(b) Current year business credit** For purposes of this subpart, the amount of the current year business credit is the sum of the following credits determined for the taxable year: (1) the investment credit determined under section 46, (2) the work opportunity credit determined under section 51(a), (3) the alcohol fuels credit determined under section 40(a), (4) the research credit determined under section 41(a), (5) the low-income housing credit determined under section 42(a), (6) the enhanced oil recovery credit under section 43(a), (7) in the case of an eligible small business (as defined in section 44(b)), the disabled access credit determined under section 44(a), (8) the renewable electricity production credit under section 45(a), (9) the empowerment zone employment credit determined under section 1396(a), (10) the Indian employment credit as determined under section 45A(a), (11) the employer social security credit determined under section 45B(a), (12) the orphan drug credit determined under section 45C(a), (13) the new markets tax credit determined under section 45D(a), (14) in the case of an eligible employer (as defined in section 45E(c)), the small employer pension plan startup cost credit determined under section 45E(a), (15) the employer-provided child care credit determined under section 45F(a), (16) the railroad track maintenance credit determined under section 45G(a), (17) the biodiesel fuels cr
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 38
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** (1) **1-year carryback and 20-year carryforward** — If the sum of the business credit carryforwards to the taxable year plus the amount of the current year business credit for the taxable year exceeds the amount of the limitation imposed by subsection (c) of section 38 for such taxable year (hereinafter in this section referred to as the “unused credit year”), such excess (to the extent attributable to the amount of the current year business credit) shall be— (A) a business credit carryback to the taxable year preceding the unused credit year, and (B) a business credit carryforward to each of the 20 taxable years following the unused credit year, and, subject to the limitations imposed by subsections (b) and (c), shall be taken into account under the provisions of section 38(a) in the manner provided in section 38(a). (2) **Amount carried to each year** (A) *Entire amount carried to first year* — The entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 21 taxable years to which (by reason of paragraph (1)) such credit may be carried. (B) *Amount carried to other 20 years* — The amount of the unused credit for the unused credit year shall be carried to each of the other 20 taxable years to the extent that such unused credit may not be taken into account under section 38(a) for a prior taxable year because of the limitations of subsections (b) and (c). (3) **5-year carryback for marginal oil and gas well production credit** — Notwithstanding subsection (d), in the case of the marginal oil and gas well production credit— (A) this section shall be applied separately from the business credit (other than the marginal oil and gas well production credit), (B) paragraph (1) shall be applied
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 39
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of section 38, the alcohol fuels credit determined under this section for the taxable year is an amount equal to the sum of— (1) the alcohol mixture credit, (2) the alcohol credit, (3) in the case of an eligible small ethanol producer, the small ethanol producer credit, plus (4) the second generation biofuel producer credit. **(b) Definition of alcohol mixture credit, alcohol credit, and small ethanol producer credit** For purposes of this section, and except as provided in subsection (h)— (1) **Alcohol mixture credit** (A) *In general* — The alcohol mixture credit of any taxpayer for any taxable year is 60 cents for each gallon of alcohol used by the taxpayer in the production of a qualified mixture. (B) *Qualified mixture* — The term “qualified mixture” means a mixture of alcohol and gasoline or of alcohol and a special fuel which— (i) is sold by the taxpayer producing such mixture to any person for use as a fuel, or (ii) is used as a fuel by the taxpayer producing such mixture. (C) *Sale or use must be in trade or business, etc.* — Alcohol used in the production of a qualified mixture shall be taken into account— (i) only if the sale or use described in subparagraph (B) is in a trade or business of the taxpayer, and (ii) for the taxable year in which such sale or use occurs. (D) *Casual off-farm production not eligible* — No credit shall be allowed under this section with respect to any casual off-farm production of a qualified mixture. (2) **Alcohol credit** (A) *In general* — The alcohol credit of any taxpayer for any taxable year is 60 cents for each gallon of alcohol which is not in a mixture with gasoline or a special fuel (other than any denaturant) and which during the taxable year—
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 40
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to— (1) the applicable percentage of (2) the qualified basis of each qualified low-income building. **(b) Applicable percentage: 70 percent present value credit for certain new buildings; 30 percent present value credit for certain other buildings** (1) **Determination of applicable percentage** — For purposes of this section— (A) *In general* — The term “applicable percentage” means, with respect to any building, the appropriate percentage prescribed by the Secretary for the earlier of— (i) the month in which such building is placed in service, or (ii) at the election of the taxpayer— (I) the month in which the taxpayer and the housing credit agency enter into an agreement with respect to such building (which is binding on such agency, the taxpayer, and all successors in interest) as to the housing credit dollar amount to be allocated to such building, or (II) in the case of any building to which subsection (h)(4)(B) applies, the month in which the tax-exempt obligations are issued. A month may be elected under clause (ii) only if the election is made not later than the 5th day after the close of such month. Such an election, once made, shall be irrevocable. (B) *Method of prescribing percentages* — The percentages prescribed by the Secretary for any month shall be percentages which will yield over a 10-year period amounts of credit under subsection (a) which have a present value equal to— (i) 70 percent of the qualified basis of a new building which is not federally subsidized for the taxable year, and (ii) 30 percent of the qualified b
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 42
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of section 38, the enhanced oil recovery credit for any taxable year is an amount equal to 15 percent of the taxpayer’s qualified enhanced oil recovery costs for such taxable year. **(b) Phase-out of credit as crude oil prices increase** (1) **In general** — The amount of the credit determined under subsection (a) for any taxable year shall be reduced by an amount which bears the same ratio to the amount of such credit (determined without regard to this paragraph) as— (A) the amount by which the reference price for the calendar year preceding the calendar year in which the taxable year begins exceeds $28, bears to (B) $6. (2) **Reference price** — For purposes of this subsection, the term “reference price” means, with respect to any calendar year, the reference price determined for such calendar year under section 45K(d)(2)(C). (3) **Inflation adjustment** (A) *In general* — In the case of any taxable year beginning in a calendar year after 1991, there shall be substituted for the $28 amount under paragraph (1)(A) an amount equal to the product of— (i) $28, multiplied by (ii) the inflation adjustment factor for such calendar year. (B) *Inflation adjustment factor* — The term “inflation adjustment factor” means, with respect to any calendar year, a fraction the numerator of which is the GNP implicit price deflator for the preceding calendar year and the denominator of which is the GNP implicit price deflator for 1990. For purposes of the preceding sentence, the term “GNP implicit price deflator” means the first revision of the implicit price deflator for the gross national product as computed and published by the Secretary of Commerce. Not later than April 1 of any calendar year, the Secretary shall publish the
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 43
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of section 38, in the case of an eligible small business, the amount of the disabled access credit determined under this section for any taxable year shall be an amount equal to 50 percent of so much of the eligible access expenditures for the taxable year as exceed $250 but do not exceed $10,250. **(b) Eligible small business** For purposes of this section, the term “eligible small business” means any person if— (1) either— (A) the gross receipts of such person for the preceding taxable year did not exceed $1,000,000, or (B) in the case of a person to which subparagraph (A) does not apply, such person employed not more than 30 full-time employees during the preceding taxable year, and (2) such person elects the application of this section for the taxable year. For purposes of paragraph (1)(B), an employee shall be considered full-time if such employee is employed at least 30 hours per week for 20 or more calendar weeks in the taxable year. **(c) Eligible access expenditures** For purposes of this section— (1) **In general** — The term “eligible access expenditures” means amounts paid or incurred by an eligible small business for the purpose of enabling such eligible small business to comply with applicable requirements under the Americans With Disabilities Act of 1990 (as in effect on the date of the enactment of this section). (2) **Certain expenditures included** — The term “eligible access expenditures” includes amounts paid or incurred— (A) for the purpose of removing architectural, communication, physical, or transportation barriers which prevent a business from being accessible to, or usable by, individuals with disabilities, (B) to provide qualified interpreters or other effective methods of making aurally deli
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 44
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