[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 539 Introduced in House (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.
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