Working Americans Affordability Tax Credit Act

36C. Affordability tax credit

(a) In general. In the case of any eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to $4,200 (twice such amount in the case of a joint return with respect to which both spouses are eligible individuals).

(b) Income phaseout

(1) In general. The amount of the credit allowed by subsection (a) for any taxable year (determined without regard to this subsection) shall be reduced (but not below zero) by the amount which bears the same ratio to such credit (as so determined) as the taxpayer’s modified adjusted gross income bears to $100,000 (twice such amount in the case of a joint return).

(2) Modified adjusted gross income. For purposes of this subsection, the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.

(c) Eligible individual. For purposes of this section, the term eligible individual means any individual who—

(1) is a citizen or national of the United States, and

(2) is not a dependent (as defined in section 152) of another taxpayer.

Sec. 36C. Affordability tax credit.