H.R. 2902 (110th): Middle Class Opportunity Act of 2007

Introduced:
Jun 28, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. Thomas “Tom” Allen [D-ME1]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on June 28, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 28, 2007
Cosponsors
29 cosponsors (29D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code to double the child tax credit for the first year, to expand the credit dependent care services, to provide relief from the alternative minimum tax, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jun 28, 2007.
18 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

6/28/2007--Introduced.
Middle Class Opportunity Act of 2007 - Amends the Internal Revenue Code to: (1) increase the child tax credit for the first year in which a child is claimed as a qualifying child; (2) expand eligibility for the dependent care tax credit and allow such credit for expenses to care for parents (and ancestors of such parents) not residing with the taxpayer; and (3) provide for an increased alternative minimum tax exemption amount through 2008
Replaces the Hope and Lifetime Learning tax credits with an expanded education tax credit which provides for a 100% education tax credit for qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expense between 3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint tax return). Allows an inflation adjustment to credit amounts beginning after 2008.
Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years. Denies such credit for certain part-time students and for students convicted of a felony drug offense. Repeals the tax deduction for qualified tuition and related expenses.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 10 U.S.C. Chapter 1606