Amended 1972, 1976, 1984, 1986, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11801(c)(21)(A), struck out subsec. (d) which read as follows: “For purposes of this section, a refund or credit made under subchapter E of chapter 64 (relating to Federal collection of qualified State individual income taxes) for a taxable year shall be treated as a portion of a refund or credit of the income tax for that taxable year.”
- 1986 Pub. L. 99-514 Pub. L. 99–514 redesignated subsecs. (c) to (e) as (b) to (d), respectively, and struck out former subsec. (b) which read as follows: “A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each.”
- 1984 Pub. L. 98-369 Pub. L. 98–369 substituted “section 165(i)” for “section 165(h)”.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary” wherever appearing.
- 1972 Pub. L. 92-418 Pub. L. 92–418 added subsec. (d).
- 1972 Pub. L. 92-512 Pub. L. 92–512 added subsec. (e).
Cases: Oxford Life Insurance v. United States, 574 F. Supp. 1417 (D. Ariz. 1983)
(a) By Treasury to Joint Committee No refund or credit of any income, war profits, excess profits, estate, or gift tax, or any tax imposed with respect to public charities, private foundations, operators’ trust funds, pension plans, or real estate investment trusts under chapter 41, 42, 43, or 44, in excess of $2,000,000 ($5,000,000 in the case of a C corporation) shall be made until after the expiration of 30 days from the date upon which a report giving the name of the person to whom the refund or credit is to be made, the amount of such refund or credit, and a summary of the facts and the decision of the Secretary, is submitted to the Joint Committee on Taxation.
Amended 1976, 1978, 1990, 2000, 2014
- 2014 Pub. L. 113-295 Pub. L. 113–295 inserted “($5,000,000 in the case of a C corporation)” after “$2,000,000”.
- 2000 Pub. L. 106-554 Pub. L. 106–554 substituted “$2,000,000” for “$1,000,000”.
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11834(a) substituted “$1,000,000” for “$200,000”.
- 1978 Pub. L. 95-227 Pub. L. 95–227 inserted provisions relating to applicability to public charities, operators’ trust funds, or real estate investment trusts, and references to chapters 41 and 44.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1210(a), inserted reference to any tax imposed with respect to private foundations and pensions under chapters 42 and 43, substituted $200,000 for $100,000 and struck out “or his delegate” after “Secretary”.
Cited by 2
(b) Tentative adjustments Any credit or refund allowed or made under section 6411 shall be made without regard to the provisions of subsection (a) of this section. In any such case, if the credit or refund, reduced by any deficiency in such tax thereafter assessed and by deficiencies in any other tax resulting from adjustments reflected in the determination of the credit or refund, is in excess of $2,000,000 ($5,000,000 in the case of a C corporation), there shall be submitted to such committee a report containing the matter specified in subsection (a) at such time after the making of the credit or refund as the Secretary shall determine the correct amount of the tax.
Amended 1986, 1990, 2000, 2014
- 2014 Pub. L. 113-295 Pub. L. 113–295 inserted “($5,000,000 in the case of a C corporation)” after “$2,000,000”.
- 2000 Pub. L. 106-554 Pub. L. 106–554 substituted “$2,000,000” for “$1,000,000”.
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11834(a) substituted “$1,000,000” for “$200,000”.
- 1986 Pub. L. 99-514 Pub. L. 99–514 redesignated subsecs. (c) to (e) as (b) to (d), respectively, and struck out former subsec. (b) which read as follows: “A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each.”
(c) Refunds attributable to certain disaster losses If any refund or credit of income taxes is attributable to the taxpayer’s election under section 165(i) to deduct a disaster loss for the taxable year immediately preceding the taxable year in which the disaster occurred, the Secretary is authorized in his discretion to make the refund or credit, to the extent attributable to such election, without regard to the provisions of subsection (a) of this section. If such refund or credit is made without regard to subsection (a), there shall thereafter be submitted to such Joint Committee a report containing the matter specified in subsection (a) as soon as the Secretary shall determine the correct amount of the tax for the taxable year for which the refund or credit is made.
Amended 1976, 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514 redesignated subsecs. (c) to (e) as (b) to (d), respectively, and struck out former subsec. (b) which read as follows: “A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each.”
- 1976 Pub. L. 94-455 Pub. L. 94–455, §§ 1210(b), 1906(b)(13)(A), substituted “$200,000” for “$100,000” and struck out “or his delegate” after “Secretary”.