H.R. 387 (107th): To amend the Internal Revenue Code of 1986 to expand the child tax credit.

107th Congress, 2001–2002. Text as of Jan 31, 2001 (Introduced).

Status & Summary | PDF | Source: GPO

HR 387 IH

107th CONGRESS

1st Session

H. R. 387

To amend the Internal Revenue Code of 1986 to expand the child tax credit.

IN THE HOUSE OF REPRESENTATIVES

January 31, 2001

Mr. WEINER introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to expand the child tax credit.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. EXPANSION OF CHILD TAX CREDIT.

    (a) INCREASE IN AMOUNT ALLOWED- Subsection (a) of section 24 of the Internal Revenue Code of 1986 (relating to allowance of credit) is amended by striking ‘$500 ($400 in the case of taxable years beginning in 1998)’ and inserting ‘$1,000’.

    (b) INCREASE IN THRESHOLD AMOUNTS BEFORE PHASE-OUT BEGINS- Paragraph (2) of section 24(b) of such Code (relating to threshold amounts) is amended--

      (1) in subparagraph (A) by striking ‘$110,000’ and inserting ‘$137,000’,

      (2) in subparagraph (B) by striking ‘$75,000’ and inserting ‘$93,750’, and

      (3) in subparagraph (C) by striking ‘$55,000’ and inserting ‘$68,500’.

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.