article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Stop Legislative Automatic Spending Hikes (SLASH) Act of 2008''. TITLE I--ELIMINATION OF INEFFECTIVE AGENCIES AND PROGRAMS SEC. 101. ANNUAL LIST OF AFFECTED AGENCIES AND PROGRAMS. Before October 1 of each calendar year, the Director of the Office of Management and Budget shall transmit to Congress a report containing a list comprised of all agencies and programs that received ineffective ratings under the most recent program assessment rating tool pursuant to the Government Performance and Results Act of 1993 (Public Law 103- 62; 107 Stat. 285) or three consecutive annual adequate ratings under that program assessment rating tool and the preceding two program assessment rating tools. SEC. 102. TERMINATION OF CERTAIN AGENCIES AND PROGRAMS. Sixty calendar days after the date upon which the Director of the Office of Management and Budget transmits a report to Congress under section 1, all agencies and programs named on such list shall terminate unless, before the end of such 60-day period, a statute has been enacted into law stating that all such agencies and programs shall not terminate. SEC. 103. TRANSITION PROVISIONS. Whenever any agency or program is terminated under this Act, all orders, grants, contracts, and other determinations or actions of that agency or program that are effective as of the date before the date of such termination, shall be transferred by the Director of the Office of Management and Budget to an appropriate agency and shall continue in effect according to their terms unless changed pursuant to law. SEC. 104. ESTIMATION OF SAVINGS. The Director of the Office of Management and Budget shall annually estimate the dollar amount of savings to the Government from the operation of this title for each calendar year and shall annually report such dollar amount to the Secretary of the Treasury. TITLE II--REBATES TO TAXPAYERS SEC. 201. REBATE OF SAVINGS TO TAXPAYERS. (a) In General.--Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 6431. PROGRAM ELIMINATION REBATES. ``(a) In General.--In the case of an eligible taxpayer, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in any calendar year an amount equal to the program elimination rebate amount determined by the Secretary for such calendar year. ``(b) Program Elimination Rebate Amount.--For purposes of this section, the term `program elimination rebate amount' means, with respect to any calendar year, the amount that the Secretary estimates will result in a reduction in revenue to the Government equal to the dollar amount of estimated savings reported to the Secretary by the Director of the Office of Management and Budget under section 104 of the Stop Legislative Automatic Spending Hikes (SLASH) Act of 2008 for the preceding calendar year. ``(c) Eligible Taxpayer.--For purposes of this section, ``(1) In general.--The term `eligible taxpayer' means any eligible individual if such 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). ``(2) Eligible individual.--The term `eligible individual' means any individual other than-- ``(A) any nonresident alien individual, ``(B) any 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, and ``(C) an estate or trust. ``(3) Qualifying income.--The term `qualifying income' means-- ``(A) earned income, ``(B) Social Security benefits (within the meaning of section 86(d)), and ``(C) any compensation or pension received under chapter 11, chapter 13, or chapter 15 of title 38, United States Code. ``(4) Net income tax liability.--The term `net income tax liability' means the excess of-- ``(A) the sum of the taxpayer's regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over ``(B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1. ``(d) Treatment of Credit.--The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1. ``(e) Coordination With Advance Refunds of Credit.-- ``(1) In general.--The amount of credit which would (but for this paragraph) be allowable under this section for any taxable year shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (f) with respect to such amount for the preceding taxable year. Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1). ``(2) Joint returns.--In the case of a refund or credit made or allowed under subsection (f) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return. ``(f) Advance Refunds and Credits.-- ``(1) In general.--Each individual who was an eligible individual for the taxable year preceding any taxable year to which subsection (a) applies shall be treated as having made a payment against the tax imposed by chapter 1 for such preceding taxable year in an amount equal to the program elimination refund amount determined for the taxable year to which subsection (a) applies. ``(2) Timing of payments.--The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this subsection as rapidly as possible. No refund or credit shall be made or allowed under this subsection with respect to any taxable year beginning in a calendar year after December 31 of the following calendar year. ``(3) No interest.--No interest shall be allowed on any overpayment attributable to this subsection. ``(g) Identification Number Requirement.-- ``(1) In general.--No credit shall be allowed under subsection (a) to an eligible individual who does not include on the return of tax for the taxable year-- ``(A) such individual's valid identification number, and ``(B) in the case of a joint return, the valid identification number of such individual's spouse, ``(2) Valid identification number.--For purposes of paragraph (1), the term `valid identification number' means a Social Security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.''. (b) Administrative Provisions.-- (1) Definition of deficiency.--Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by striking ``and 6428'' and inserting ``6428 and 6431''. (2) Mathematical or clerical error authority.--Section 6213(g)(2)(L) of such Code is amended by striking ``or 6428'' and inserting ``6428, or 6431''. (c) Conforming Amendments.-- (1) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by striking ``or 6428'' inserting ``6428, or 6431''. (2) The table of section for subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: ``Sec. 6431. Program elimination rebates.''. (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
summary: Stop Legislative Automatic Spending Hikes (SLASH) Act of 2008 - Requires: (1) the Director of the Office of Management and Budget (OMB) to report to Congress on all agencies and programs that received ineffective ratings or three consecutive annual adequate ratings under the Government Performance and Results Act of 1993; (2) the termination of such agencies and programs unless continued by statute; (3) the transfer of the functions of such terminated agencies and programs to other appropriate agencies; and (4) an annual OMB estimate of the savings under this Act. Amends the Internal Revenue Code to grant tax rebates to individual taxpayers from the amounts saved by the termination of ineffective agencies and programs under this Act.