; and (7) these advanced refundable tax credits would be transferred every month until the COVID–19 pandemic is formally declared and certified as ended from the Secretary of the Treasury and the Secretary of Health and Human Services. 3. Establishment of 2020 universal emergency rebates for individuals (a) In general Section 6429 of the Internal Revenue Code of 1986 is amended to read as follows: 6429. 2020 Universal Rebates for Individuals (a) In general In the case of an eligible taxpayer, there shall be allowed as a credit against tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of— (1) net income tax liability, or (2) $1,000 ($2,000 in the case of a joint return). (b) Special rules (1) In general In the case of an eligible taxpayer described in paragraph (2)— (A) the amount determined under subsection (a) shall not be less than $1,000 ($2,000 in the case of a joint return), and (B) the amount determined under subsection (a) (after application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer. (2) Eligible taxpayer described A taxpayer is described in this paragraph if the taxpayer— (A) is at least 18 years of age as of December 31, 2020, (B) is a resident of the United States, or (C) is not a dependent of another taxpayer. (c) 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. (d) Coordination with advance refunds of credit (1) In general The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (g). 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). Taxpayers would be held harmless. (2) Joint returns In the