[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 435 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 435

To amend the Internal Revenue Code of 1986 to provide income tax relief 
                             for families.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

   Mr. Wolf 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 provide income tax relief 
                             for families.

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

SECTION 1. TAX CREDIT FOR CHILDREN.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to foreign tax credit, 
etc.) is amended by adding at the end thereof the following new 
section:

``SEC. 30A. CREDIT FOR CHILDREN.

    ``(a) General Rule.--In the case of an eligible individual, there 
shall be allowed as a credit against the tax imposed by this chapter 
and chapter 21 for the taxable year an amount equal to $600 multiplied 
by the number of qualifying children of the taxpayer who have not 
attained the age of 19 as of the close of the calendar year in which 
the taxable year of the taxpayer begins.
    ``(b) Limitation Based on Amount of Tax.--The credit allowed by 
subsection (a) for a taxable year shall not exceed the excess (if any) 
of--
            ``(1) the sum of the regular tax (reduced by the sum of the 
        credits allowable under subpart A and section 32) and the tax 
        imposed by chapter 21, over
            ``(2) the tentative minimum tax,
for the taxable year.
    ``(c) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Eligible individual.--The term `eligible individual' 
        has the meaning given to such term by section 32(c)(1) 
        (determined without regard to subparagraph (B) thereof).
            ``(2) Qualifying child.--The term `qualifying child' has 
        the meaning given to such term by section 32(c)(3) (determined 
        without regard to subparagraphs (C) and (E) thereof).
            ``(3) Certain other rules apply.--Subsections (d) and (e) 
        of section 32 shall apply.''
    (b) Denial of Double Benefit.--Subparagraph (A) of section 21(b)(1) 
of such Code (defining qualifying individual) is amended by inserting 
``(other than an individual described in section 30A(a))'' after 
``taxpayer''.
    (c) Conforming Amendment.--The table of sections for such subpart B 
is amended by adding at the end thereof the following new item:

                              ``Sec. 30A. Credit for children.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1992.

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