Just a simple question on the "Final version (Enrolled Bill) as passed by both Houses" of this bill. It can be found on the Library of Congress THOMAS server:
I'll quote the relevant parts of the bill here; the assumed taxpayer scenario follows:
(b)(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)-- (A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and (B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer-- (A) has qualifying income of at least $3,000, or (B) has-- (i) net income tax liability which is greater than zero, and (ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return).
Assume that (b)(2)(B)(ii) is true for my hypothetical taxpayer, that his income is all from interest (so not "qualifying income" under (b)(2)(A)), and that his AGI is less than $75,000. Suppose this taxpayer's itemized deductions are just large enough to bring his income tax liability to zero. But realizing that by not claiming some of those itemized deductions (e.g. some of his medical expenses) he would incur a very small tax liability of $10, say. Then under these circumstances would he qualify for the credit of $300 ($600 for joint return) plus $300 x (qualifying children) under the terms of (b)(1)(A) and (B), quoted above, thus earning a rebate check?