H.R. 539 (107th): Child Credit Expansion and Improvement Act of 2001

107th Congress, 2001–2002. Text as of Feb 08, 2001 (Introduced).

Status & Summary | PDF | Source: GPO

HR 539 IH

107th CONGRESS

1st Session

H. R. 539

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

IN THE HOUSE OF REPRESENTATIVES

February 8, 2001

Mr. HAYWORTH (for himself, Mr. HERGER, Mr. WATKINS, Mr. PAUL, Mr. RADANOVICH, Mr. SIMPSON, Mr. BACHUS, Ms. MCCARTHY of Missouri, Mrs. BIGGERT, Mr. TERRY, Mr. SCHROCK, Mr. DUNCAN, Ms. PRYCE of Ohio, Ms. GRANGER, Mr. WHITFIELD, Mr. PETRI, Mr. RILEY, Mr. WELDON of Florida, Mr. SESSIONS, Mr. AKIN, Mr. RUSH, Mr. FOSSELLA, Mr. HILLEARY, Mr. PITTS, and Ms. HART) 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. SHORT TITLE.

    This Act may be cited as the ‘Child Credit Expansion and Improvement Act of 2001’.

SEC. 2. 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) ADJUSTMENT OF PHASE-OUT THRESHOLD AMOUNTS FOR INFLATION- Subsection (b) of section 24 of such Code (relating to limitation based on adjusted gross income) is amended by adding at the end the following new paragraph:

      ‘(2) ADJUSTMENTS FOR INFLATION- In the case of a taxable year beginning after December 31, 2001, each of the dollar amounts in paragraph (2) shall be increased by an amount equal to--

        ‘(A) such dollar amount, multiplied by

        ‘(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2000’ for ‘calendar year 1992’ in subparagraph (B) thereof.

      If any increase determined under this paragraph is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.’.

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2000.