26 U.S.C. § 6431 — Untitled legal text

Page 3683 TITLE 26—INTERNAL REVENUE CODE § 6432 (3) with respect to which the rate increase under section 4081(a)(2)(B) is zero by reason of section 4082(e)(2). (Added Pub. L. 109–58, title XIII, § 1362(b)(3)(A), Aug. 8, 2005, 119 Stat. 1059; amended Pub. L. 110–172, § 6(d)(2)(D), Dec. 29, 2007, 121 Stat. 2481.) Editorial Notes PRIOR PROVISIONS A prior section 6430, added Pub. L. 97–448, title I, § 106(a)(4)(A), Jan. 12, 1983, 96 Stat. 2388, related to cred- it or refund of windfall profit taxes to certain trust beneficiaries, prior to repeal by Pub. L. 100–418, title I, § 1941(b)(1), (c), Aug. 23, 1988, 102 Stat. 1323, 1324, applica- ble to crude oil removed from the premises on or after Aug. 23, 1988. AMENDMENTS 2007—Pub. L. 110–172 reenacted section catchline without change and amended text generally. Prior to amendment, text read as follows: ‘‘No refunds, credits, or payments shall be made under this subchapter for any tax imposed at the Leaking Underground Storage Tank Trust Fund financing rate, except in the case of fuels destined for export.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2007 AMENDMENT Amendment by Pub. L. 110–172 effective as if included in the provisions of the Energy Policy Act of 2005, Pub. L. 109–58, to which such amendment relates, see section 6(e) of Pub. L. 110–172, set out as a note under section 30C of this title. EFFECTIVE DATE Section effective Oct. 1, 2005, and applicable to fuel entered, removed, or sold after Sept. 30, 2005, see sec- tion 1362(d) of Pub. L. 109–58, set out as an Effective Date of 2005 Amendment note under section 4041 of this title. REFUND AUTHORIZED FOR CERTAIN TAXES Pub. L. 110–172, § 6(d)(1)(C), Dec. 29, 2007, 121 Stat. 2480, provided that: ‘‘Notwithstanding section 6430 of the In- ternal Revenue Code of 1986, a refund, credit, or pay- ment may be made under subchapter B of chapter 65 of such Code for taxes imposed with respect to any liquid after September 30, 2005, and before the date of the en- actment of this Act [Dec. 29, 2007] under section 4041(d)(1) or 4042 of such Code at the Leaking Under- ground Storage Tank Trust Fund financing rate to the extent that tax was imposed with respect to such liquid under section 4081 at the Leaking Underground Storage Tank Trust Fund financing rate.’’ [§ 6431. Repealed. Pub. L. 115–97, title I, § 13404(b), Dec. 22, 2017, 131 Stat. 2138] Section, added Pub. L. 111–5, div. B, title I, § 1531(b), Feb. 17, 2009, 123 Stat. 359; amended Pub. L. 111–147, title III, § 301(a), Mar. 18, 2010, 124 Stat. 77; Pub. L. 111–312, title VII, § 758(b), Dec. 17, 2010, 124 Stat. 3323; Pub. L. 113–295, div. A, title II, § 202(d), Dec. 19, 2014, 128 Stat. 4024, related to credit for qualified bonds allowed to issuer. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal by Pub. L. 115–97 applicable to bonds issued after Dec. 31, 2017, see section 13404(d) of Pub. L. 115–97, set out as a note under former section 54 of this title. § 6432. Continuation coverage premium assist- ance (a) In general The person to whom premiums are payable for continuation coverage under section 9501(a)(1) of the American Rescue Plan Act of 2021 shall be allowed as a credit against the tax imposed by section 3111(b), or so much of the taxes imposed under section 3221(a) as are attributable to the rate in effect under section 3111(b), for each cal- endar quarter an amount equal to the premiums not paid by assistance eligible individuals for such coverage by reason of such section 9501(a)(1) with respect to such calendar quarter. (b) Person to whom premiums are payable For purposes of subsection (a), except as oth- erwise provided by the Secretary, the person to whom premiums are payable under such con- tinuation coverage shall be treated as being— (1) in the case of any group health plan which is a multiemployer plan (as defined in section 3(37) of the Employee Retirement In- come Security Act of 1974), the plan, (2) in the case of any group health plan not described in paragraph (1)— (A) which is subject to the COBRA con- tinuation provisions contained in— (i) the Internal Revenue Code of 1986, (ii) the Employee Retirement Income Se- curity Act of 1974, or (iii) the Public Health Service Act, or (B) under which some or all of the cov- erage is not provided by insurance, the employer maintaining the plan, and (3) in the case of any group health plan not described in paragraph (1) or (2), the insurer providing the coverage under the group health plan. (c) Limitations and refundability (1) Credit limited to certain employment taxes The credit allowed by subsection (a) with re- spect to any calendar quarter shall not exceed the tax imposed by section 3111(b), or so much of the taxes imposed under section 3221(a) as are attributable to the rate in effect under section 3111(b), for such calendar quarter (re- duced by any credits allowed against such taxes under sections 3131, 3132, and 3134) on the wages paid with respect to the employment of all employees of the employer. (2) Refundability of excess credit (A) Credit is refundable If the amount of the credit under sub- section (a) exceeds the limitation of para- graph (1) for any calendar quarter, such ex- cess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b). (B) Credit may be advanced In anticipation of the credit, including the refundable portion under subparagraph (A), the credit may be advanced, according to forms and instructions provided by the Sec- retary, up to an amount calculated under subsection (a) through the end of the most recent payroll period in the quarter.