
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 106-554 Section 1(a)(7)[305(a)]]
[Document affected by Public Law 106-554 Section 1(a)(7)[305(b)]]
[CITE: 26USC6405]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
              CHAPTER 65--ABATEMENTS, CREDITS, AND REFUNDS
 
                   Subchapter A--Procedure in General
 
Sec. 6405. Reports of refunds and credits


(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 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.

(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, 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.

(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.

(Aug. 16, 1954, ch. 736, 68A Stat. 792; Pub. L. 92-418, Sec. 2(b), Aug. 
29, 1972, 86 Stat. 657; Pub. L. 92-512, title II, Sec. 203(a), Oct. 20, 
1972, 86 Stat. 944; Pub. L. 94-455, title XII, Sec. 1210(a), (b), title 
XIX, Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1711, 1834; Pub. L. 95-
227, Sec. 4(d)(3), Feb. 10, 1978, 92 Stat. 23; Pub. L. 98-369, div. A, 
title VII, Sec. 711(c)(3), July 18, 1984, 98 Stat. 946; Pub. L. 99-514, 
title XVIII, Sec. 1879(e), Oct. 22, 1986, 100 Stat. 2906; Pub. L. 101-
508, title XI, Secs. 11801(c)(21)(A), 11834(a), Nov. 5, 1990, 104 Stat. 
1388-528, 1388-560; Pub. L. 106-554, Sec. 1(a)(7) [title III, 
Sec. 305(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A-634.)


                               Amendments

    2000--Subsecs. (a), (b). Pub. L. 106-554 substituted ``$2,000,000'' 
for ``$1,000,000''.
    1990--Subsecs. (a), (b). Pub. L. 101-508, Sec. 11834(a) substituted 
``$1,000,000'' for ``$200,000''.
    Subsec. (d). Pub. L. 101-508, Sec. 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--Subsecs. (b) to (e). 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--Subsec. (d). Pub. L. 98-369 substituted ``section 165(i)'' for 
``section 165(h)''.
    1978--Subsec. (a). 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--Subsec. (a). Pub. L. 94-455, Sec. 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''.
    Subsec. (c). Pub. L. 94-455, Secs. 1210(b), 1906(b)(13)(A), 
substituted ``$200,000'' for ``$100,000'' and struck out ``or his 
delegate'' after ``Secretary''.
    Subsec. (d). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out ``or 
his delegate'' after ``Secretary'' wherever appearing.
    1972--Subsec. (d). Pub. L. 92-418 added subsec. (d).
    Subsec. (e). Pub. L. 92-512 added subsec. (e).


                    Effective Date of 2000 Amendment

    Pub. L. 106-554, Sec. 1(a)(7) [title III, Sec. 305(b)], Dec. 21, 
2000, 114 Stat. 2763, 2763A-634, provided that: ``The amendment made by 
subsection (a) [amending this section] shall take effect on the date of 
the enactment of this Act [Dec. 21, 2000], except that such amendment 
shall not apply with respect to any refund or credit with respect to a 
report that has been made before such date of the enactment under 
section 6405 of the Internal Revenue Code of 1986.''


                    Effective Date of 1990 Amendment

    Section 11834(b) of Pub. L. 101-508 provided that: ``The amendment 
made by subsection (a) [amending this section] shall take effect on the 
date of the enactment of this Act [Nov. 5, 1990], except that such 
amendment shall not apply with respect to any refund or credit with 
respect to a report has been made before such date of enactment under 
section 6405 of the Internal Revenue Code of 1986.''


                    Effective Date of 1986 Amendment

    Amendment by Pub. L. 99-514 effective, except as otherwise provided, 
as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 
98-369, div. A, to which such amendment relates, see section 1881 of 
Pub. L. 99-514, set out as a note under section 48 of this title.


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-369 effective as if included in the 
provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. 
L. 97-248, to which such amendment relates, see section 715 of Pub. L. 
98-369, set out as a note under section 31 of this title.


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-227 applicable with respect to 
contributions, acts, and expenditures made after Dec. 31, 1977, in and 
for taxable years beginning after such date, see section 4(f) of Pub. L. 
95-227, set out as an Effective Date note under section 192 of this 
title.


                    Effective Date of 1976 Amendment

    Section 1210(d)(1) of Pub. L. 94-455, as amended by Pub. L. 99-514, 
Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ``The amendments 
made by subsections (a) and (b) [amending this section] shall take 
effect on the date of enactment of this Act [Oct. 4, 1976], except that 
such amendments shall not apply with respect to any refund or credit 
with respect to which a report has been made before the date of 
enactment of this Act [Oct. 4, 1976] under subsection (a) or (c) of 
section 6405 of the Internal Revenue Code of 1986 [formerly I.R.C. 
1954].''


                    Effective Date of 1972 Amendment

    Section 2(c) of Pub. L. 92-418 provided in part that: ``The 
amendment made by subsection (b) [amending this section] shall apply 
with respect to refunds or credits made after July 1, 1972.''


                            Savings Provision

    For provisions that nothing in amendment by section 11801(c)(21)(A) 
of Pub. L. 101-508 be construed to affect treatment of certain 
transactions occurring, property acquired, or items of income, loss, 
deduction, or credit taken into account prior to Nov. 5, 1990, for 
purposes of determining liability for tax for periods ending after Nov. 
5, 1990, see section 11821(b) of Pub. L. 101-508, set out as a note 
under section 29 of this title.


           Plan Amendments Not Required Until January 1, 1989

    For provisions directing that if any amendments made by subtitle A 
or subtitle C of title XI [Secs. 1101-1147 and 1171-1177] or title XVIII 
[Secs. 1800-1899A] of Pub. L. 99-514 require an amendment to any plan, 
such plan amendment shall not be required to be made before the first 
plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. 
L. 99-514, as amended, set out as a note under section 401 of this 
title.

                  Section Referred to in Other Sections

    This section is referred to in sections 7851, 8022 of this title.
