[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4359 Engrossed in House (EH)]


  2d Session

                               H. R. 4359

_______________________________________________________________________

                                 AN ACT

 To amend the Internal Revenue Code of 1986 to increase the child tax 
                                credit.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
108th CONGRESS
  2d Session
                                H. R. 4359

_______________________________________________________________________

                                 AN ACT


 
 To amend the Internal Revenue Code of 1986 to increase 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 Preservation and 
Expansion Act of 2004''.

SEC. 2. INCREASE IN CHILD TAX CREDIT.

    (a) In General.--Subsection (a) of section 24 of the Internal 
Revenue Code of 1986 (relating to child tax credit) is amended to read 
as follows:
    ``(a) Allowance of Credit.--There shall be allowed as a credit 
against the tax imposed by this chapter for the taxable year with 
respect to each qualifying child of the taxpayer an amount equal to 
$1,000.''.
    (b) Increase in Phaseout Thresholds.--Paragraph (2) of section 
24(b) of such Code is amended to read as follows:
            ``(2) Threshold amount.--For purposes of paragraph (1), the 
        term `threshold amount' means $125,000 ($250,000 in the case of 
        a joint return).''.
    (c) Acceleration of Increase in Refundable Portion of Credit.--
Clause (i) of section 24(d)(1)(B) of such Code is amended by striking 
``(10 percent in the case of taxable years beginning before January 1, 
2005)''.
    (d) Combat Pay Taken Into Account.--Paragraph (1) of section 24(d) 
of such Code is amended by adding at the end the following new 
sentence: ``For purposes of subparagraph (B), any amount excluded from 
gross income by reason of section 112 shall be treated as earned income 
which is taken into account in computing taxable income for the taxable 
year.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2003.

SEC. 3. REPEAL OF SUNSET.

    Title IX of the Economic Growth and Tax Relief Reconciliation Act 
of 2001 shall not apply to the provisions of, and amendments made by, 
sections 201 and 203 of such Act.

            Passed the House of Representatives May 20, 2004.

            Attest:

                                                                 Clerk.