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26 U.S.C. § 3241 — Determination of tier 2 tax rate based on average account benefits ratio

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 3241 — Determination of tier 2 tax rate based on average account benefits ratio

**(a) In general** For purposes of sections 3201(b), 3211(b), and 3221(b), the applicable percentage for any calendar year is the percentage determined in accordance with the table in subsection (b). **(b) Tax rate schedule** Average account benefits ratioApplicable percentage for sections 3211(b) and 3221(b)Applicable percentage for section 3201(b) At leastBut less than ..............2.522.14.9 2.53.018.14.9 3.03.515.14.9 3.54.014.14.9 4.06.113.14.9 6.16.512.64.4 6.57.012.13.9 7.07.511.63.4 7.58.011.12.9 8.08.510.11.9 8.59.09.10.9 9.0..............8.20 **(c) Definitions related to determination of rates of tax** (1) **Average account benefits ratio** — For purposes of this section, the term “average account benefits ratio” means, with respect to any calendar year, the average determined by the Secretary of the account benefits ratios for the 10 most recent fiscal years ending before such calendar year. If the amount determined under the preceding sentence is not a multiple of 0.1, such amount shall be increased to the next highest multiple of 0.1. (2) **Account benefits ratio** — For purposes of this section, the term “account benefits ratio” means, with respect to any fiscal year, the amount determined by the Railroad Retirement Board by dividing the fair market value of the assets in the Railroad Retirement Account and of the National Railroad Retirement Investment Trust (and for years before 2002, the Social Security Equivalent Benefits Account) as of the close of such fiscal year by the total benefits and administrative expenses paid from the Railroad Retirement Account and the National Railroad Retirement Investment Trust during such fiscal year. **(d) Notice** No later than December 1 of each calendar year, the Secretary shall publish a notice in the Federal

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Source location: Title 26, Chapter 22, § 3241; chapter-022-railroad-retirement-tax-act.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 24 — Child tax credit

**(a) Allowance of credit** There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer for which the taxpayer is allowed a deduction under section 151 an amount equal to $1,000. **(b) Limitations** (1) **Limitation based on adjusted gross income** — The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer’s modified adjusted gross income exceeds the threshold amount. For purposes of the preceding sentence, the term “modified adjusted gross income” means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933. (2) **Threshold amount** — For purposes of paragraph (1), the term “threshold amount” means— (A) $110,000 in the case of a joint return, (B) $75,000 in the case of an individual who is not married, and (C) $55,000 in the case of a married individual filing a separate return. For purposes of this paragraph, marital status shall be determined under section 7703. **(c) Qualifying child** For purposes of this section— (1) **In general** — The term “qualifying child” means a qualifying child of the taxpayer (as defined in section 152(c)) who has not attained age 17. (2) **Exception for certain noncitizens** — The term “qualifying child” shall not include any individual who would not be a dependent if subparagraph (A) of section 152(b)(3) were applied without regard to all that follows “resident of the United States”. **(d) Portion of credit refundable** (1) **In general** — The aggregate credits allowed to a taxpayer under subpart C shall be increased by the lesser of— (A) the credit which would be allowed und

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 3241 — Determination of tier 2 tax rate based on

Page 2760 TITLE 26—INTERNAL REVENUE CODE § 3232 this section [amending this section] shall apply with respect to taxable years ending after December 31, 1953: Provided, however, That any taxes paid under the Rail- road Retirement Tax Act [this chapter] prior to the date on which this Act is enacted [Oct. 18, 1976] shall not be affected or adjusted by reason of the amend- ments made by such subsection (b) except to the extent that the applicable period of limitation for the assess- ment of tax and the filing of a claim for credit or re- fund has not expired prior to the date on which this Act is enacted. If the applicable period of limitation for the filing of a claim for credit or refund would expire with- in the six-month period following the date on which this Act is enacted, the applicable period for the filing of such a claim for credit or refund shall be extended to include such six-month period.’’ EFFECTIVE DATE OF 1975 AMENDMENTS Amendment by sections 204 and 205 of Pub. L. 94–93 applicable for taxable years ending on or after Aug. 9, 1975, and for taxable years ending before Aug. 9, 1975, as to which the period for assessment and collection of tax or the filing of a claim for credit or refund has not ex- pired on Aug. 9, 1975, and amendment by section 206 of Pub. L. 94–93 applicable for taxable years beginning on or after Aug. 9, 1975: Provided, however, That with re- spect to payment made prior to Aug. 9, 1975, the em- ployee may file a written request under section 206 of Pub. L. 94–93 within six months after Aug. 9, 1975, see section 207 of Pub. L. 94–93, set out as a note under sec- tion 3201 of this title. Amendment by Pub. L. 94–92 effective Jan. 1, 1975, and applicable only with respect to compensation paid for services rendered on o

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