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H.R. 4959 (115th): Working Families Relief Act of 2018

The text of the bill below is as of Feb 7, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 4959

IN THE HOUSE OF REPRESENTATIVES

February 7, 2018

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 ensure that the temporary refundable portion of the child tax credit is not less than the payroll taxes paid by the taxpayer.

1.

Short title

This Act may be cited as the Working Families Relief Act of 2018.

2.

Temporary refundable portion of child tax credit not less than payroll taxes paid by taxpayer

(a)

In general

Section 24(h)(5)(A) of the Internal Revenue Code of 1986 is amended to read as follows:

(A)

In general

Subsection (d)(1)(A) shall be applied without regard to paragraph (4) of this subsection and the amount determined under subsection (d)(1)(A) shall not exceed the greater of—

(i)

$1,400, or

(ii)

the excess of—

(I)

the taxpayer’s social security taxes (as defined in subsection (d)(2)) for the taxable year, over

(II)

the credit allowed under section 32 for the taxable year.

.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2017.