Each taxpayer who was allowed a credit under section
24 on the return for the taxpayer’s first taxable year beginning in 2002 shall be treated as having made a payment against the tax imposed by chapter 1 for such taxable year in an amount equal to the child tax credit refund amount (if any) for such taxable year.
(b) Child tax credit refund amount
For purposes of this section, the child tax credit refund amount is the amount by which the aggregate credits allowed under part IV of subchapter A of chapter 1 for such first taxable year would have been increased if—
(1)the per child amount under section
24(a)(2) for such year were $1,000,
(2)only qualifying children (as defined in section 24(c)) of the taxpayer for such year who had not attained age 17 as of December 31, 2003, were taken into account, and
In the case of any overpayment attributable to this section, 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, 2003. No refund or credit shall be made or allowed under this section after December 31, 2003.
(d) Coordination with child tax credit
(1) In general
The amount of credit which would (but for this subsection and section
26) be allowed under section
24 for the taxpayer’s first taxable year beginning in 2003 shall be reduced (but not below zero) by the payments made to the taxpayer under this section. Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section
(2) Joint returns
In the case of a payment under this section with respect to a joint return, half of such payment shall be treated as having been made to each individual filing such return.
(e) No interest
No interest shall be allowed on any overpayment attributable to this section.
Amendments by title I of Pub. L. 108–27, enacting this section, subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107–16, § 901, to the same extent and in the same manner as the provisions of such Act to which such amendments relate, see section 107 ofPub. L. 108–27, set out as an Effective and Termination Dates of 2003 Amendment note under section
1 of this title. Title IX of Pub. L. 107–16was repealed by Pub. L. 112–240, title I, § 101(a)(1),Jan. 2, 2013, 126 Stat. 2315.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.