Sec. 4. Offsetting credit for financial transaction tax
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Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following new section: In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the tax paid during the taxable year under section 4475. Subsection
(a)shall not apply to a taxpayer for the taxable year if the modified adjusted gross income of the taxpayer for the taxable year exceeds $50,000 ($75,000 in the case of a joint return and one-half of such amount in the case of a married individual filing a separate return). For purposes of paragraph (1), the term modified adjusted gross income means adjusted gross income— determined without regard to sections 86, 893, 911, 931, and 933, and increased by the amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax. In the case of any taxable year beginning after 2016, each dollar amount referred to in paragraph
(1)shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section (1)(f)(3) of the Internal Revenue Code of 1986 for the calendar year in which the taxable year begins, by substituting 2015 for 1992 . If any amount as adjusted under clause
(i)is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50. The term eligible individual means, with respect to any taxable year, an individual who— has attained the age of 18 as of the last day of such taxable year, and is a citizen or lawful permanent resident (within the meaning of section 7701(b)(6)) as of the last day of such taxable year. For purposes of paragraph (1), an individual described in any of the following provisions of this title for the preceding taxable year shall not be treated as an eligible individual for the taxable year: An individual who is a student (as defined in section 152(f)(2)) for the taxable year or the immediately preceding taxable year. An individual who is a taxpayer described in subsection (c), (d), or
(e)of section 6402 for the immediately preceding taxable year. A married individual who files a separate return for the taxable year. . The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Financial transaction tax payments. . The amendments made by this section shall apply to taxable years beginning after December 31, 2015.