text: 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.
target: 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.
feat_title: To provide for the elimination of agencies and programs which receive ineffective ratings or three consecutive adequate ratings under the Government Performance and Results Act of 1993 and to amend the Internal Revenue Code of 1986 to rebate the savings from such eliminations to the taxpayers.