Build America dividend

(a) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Build America dividend (a) Allowance of credit In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to the applicable amount. (b) Eligible individual For purposes of this section, the term eligible individual means an individual who is not— (1) a nonresident alien individual, (2) an individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins, or (3) an estate or trust. (c) Applicable amount The Board of Governors established under section 2(c) of the Build America Fund Act shall determine the applicable amount for purposes of subsection (a), which shall— (1) taken in aggregate with all credits allowed under subsection (a) during an fiscal year, equal the amount which is 25 percent of the average annual proceeds of the Manufacturing Sovereign Wealth Fund established in section 2(a) of the Build America fund Act in the 5 preceding fiscal years, and (2) be determined subject to an income-based phaseout structure which decreases the amount of the credit for higher-income individuals. (d) Timing of payment In the case of any overpayment of tax attributable to a credit allowed under subsection (a), the Secretary shall refund such overpayment to the taxpayer on the later of— (1) the first Friday which occurs in October in the year in which the return of tax is filed, or (2) the date on which the Secretary would issue such refund determined without regard to this subsection. (e) Identification number requirement No credit shall be allowed under subsection (a) to any individual if such individual does not include a valid identification number (as defined in section 24(h)(7)) of such taxpayer (or, in the case of a joint return, the valid identification number (as so defined) of at least 1 spouse) on the return of tax for the taxable year.. (b) Conforming amendments (1) Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting, 36C after 36B. (2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting, 36C after, 36B. (3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: Sec. 36C. Build America dividend.. (c) Effective date The amendments made by this section shall apply to taxable years beginning after September 30, 2032.