Post by rickmclaughlin on Dec 11, 2005 12:53:59 GMT -5
Mr. McLaughlin introduces
A BILL
To amend the Internal Revenue Code to expand and make permanent the child tax credit and to allow for adjustments for inflation with respect to 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 Tax Credit Act."
SECTION 2. FINDINGS
(1) 54% of families are hurt by the failure to increase refundable Child Tax Credits (CTC)
(2) 55% of married couples, one million with stay-at-home mothers, are hurt by the failure to increase refundable CTC.
(3)2/3rds of the Parents hurt by the failure to increase CTC are women.
(4)The current Tax Code does not take into full consideration the expense of raising children, especially for single income households.
SECTION 3. TAX CREDIT
(a) Allowance of credit
(1) In general
There shall be allowed as a tax refund per annum for the fiscal year with respect to each qualifying child of the taxpayer.
(2) Per child amount
For purposes of paragraph (1), the per child amount shall be determined as 1,000 dollars.
(b) Qualifying child
For purposes of this section—
(1) In general
The term “qualifying child” means any individual if—
(A) the taxpayer is allowed a deduction under the Tax Code with respect to such individual for the taxable year,
(B) such individual has not attained the age of 18 as of the close of the fiscal year in which the taxable year of the taxpayer begins, and
© such individual bears a relationship legally noted as dependent, and the Taxpayer as legal Guardian
(D) such individual is enrolled in an accreditted institution of higher learning, but has not attained the age of 26 as of the close of the fiscal year in which the taxable year of the taxpayer begins.
© Limitations
(1) Threshold amount for any return shall be 100,000 dollars per household.
(A) Household shall be defined as all incomes earned by non-dependents, over 10,000 per fiscal year.
(2)The credit allowed under subsection (a) for any taxable year shall not exceed the excess of—
(A) the sum of each household's tax receipts per fiscal year.
(d) Identification requirement
No credit shall be allowed under this law to a taxpayer with respect to any qualifying child unless the taxpayer includes the name and social security number of such qualifying child on the return of tax for the taxable year.
SECTION 4. APPROPRIATIONS
Congress shall allot 51 billion dollars for this credit.
SECTION 5. ENACTMENT
This bill shall be enacted at the beginning of the next fiscal year following the constitutional process.
A BILL
To amend the Internal Revenue Code to expand and make permanent the child tax credit and to allow for adjustments for inflation with respect to 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 Tax Credit Act."
SECTION 2. FINDINGS
(1) 54% of families are hurt by the failure to increase refundable Child Tax Credits (CTC)
(2) 55% of married couples, one million with stay-at-home mothers, are hurt by the failure to increase refundable CTC.
(3)2/3rds of the Parents hurt by the failure to increase CTC are women.
(4)The current Tax Code does not take into full consideration the expense of raising children, especially for single income households.
SECTION 3. TAX CREDIT
(a) Allowance of credit
(1) In general
There shall be allowed as a tax refund per annum for the fiscal year with respect to each qualifying child of the taxpayer.
(2) Per child amount
For purposes of paragraph (1), the per child amount shall be determined as 1,000 dollars.
(b) Qualifying child
For purposes of this section—
(1) In general
The term “qualifying child” means any individual if—
(A) the taxpayer is allowed a deduction under the Tax Code with respect to such individual for the taxable year,
(B) such individual has not attained the age of 18 as of the close of the fiscal year in which the taxable year of the taxpayer begins, and
© such individual bears a relationship legally noted as dependent, and the Taxpayer as legal Guardian
(D) such individual is enrolled in an accreditted institution of higher learning, but has not attained the age of 26 as of the close of the fiscal year in which the taxable year of the taxpayer begins.
© Limitations
(1) Threshold amount for any return shall be 100,000 dollars per household.
(A) Household shall be defined as all incomes earned by non-dependents, over 10,000 per fiscal year.
(2)The credit allowed under subsection (a) for any taxable year shall not exceed the excess of—
(A) the sum of each household's tax receipts per fiscal year.
(d) Identification requirement
No credit shall be allowed under this law to a taxpayer with respect to any qualifying child unless the taxpayer includes the name and social security number of such qualifying child on the return of tax for the taxable year.
SECTION 4. APPROPRIATIONS
Congress shall allot 51 billion dollars for this credit.
SECTION 5. ENACTMENT
This bill shall be enacted at the beginning of the next fiscal year following the constitutional process.
