earned income tax credit equivalency amount means, with respect to any individual for any taxable year, the amount determined by the Secretary as being the excess (if any) of— (1) the amount of the non-refundable earned income tax credit which would have been allowed to such individual for such taxable year if such credit were not limited based on the tax liability of the taxpayer, over (2) the amount by which such individual’s State income tax liability would increase if such credit were not allowed (determined after taking into account all other income tax credits other than income tax credits which constitute credits for the payment of tax). (d) Payments treated in same manner as refundable income tax credits Except as otherwise provided by the Secretary, the program established under subsection (a) shall effectuate the payments described therein by deeming the amount of such payment as a payment of Federal income tax for purposes of the Internal Revenue Code of 1986. Any overpayment of tax attributable to such deemed payment shall be refunded by the Secretary as soon as practicable. For purposes of section 1324 of title 31, United States Code, any such refund shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. (e) Secretary For purposes of this section, the term Secretary means the Secretary of the Treasury or the Secretary’s delegate. 5. Establishment of refundable child tax credit with monthly advance payment (a) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 24 the following new sections: 24A. Monthly child tax credit (a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year the sum of the monthly specified child allowances determined with respect to the taxpayer under subsection (b) for each calendar month during such taxable year. (b) Monthly specified child allowance (1) In general