[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 962 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 962

 To amend the Internal Revenue Code of 1986 to accelerate the increase 
in the child tax credit and to expand the refundability of such credit, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2003

   Mrs. Lincoln (for herself, Mr. Rockefeller, Mr. Bingaman, and Mr. 
    Breaux) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to accelerate the increase 
in the child tax credit and to expand the refundability of such credit, 
                        and for other purposes.

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

SECTION 1. EXPANSION OF CHILD TAX CREDIT.

    (a) Acceleration of Increase in Credit.--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) Expansion of Credit Refundability.--
            (1) In general.--Clause (i) of section 24(d)(1)(B) of the 
        Internal Revenue Code of 1986 (relating to portion of credit 
        refundable) is amended to read as follows:
                            ``(i) 15 percent of so much of the 
                        taxpayer's earned income (within the meaning of 
                        section 32) which is taken into account in 
                        computing taxable income for the taxable year 
                        as exceeds $7,500, or''.
            (2) Conforming amendment.--Section 24(d) of such Code is 
        amended by striking paragraph (3).
    (c) Increase in Age of Qualifying Child.--Section 24(c)(1)(B) of 
the Internal Revenue Code of 1986 (defining qualifying child) is 
amended by striking ``age of 17'' and inserting ``age of 19''.
    (d) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        beginning after December 31, 2002.
            (2) Subsection (c).--The amendment made by subsection (c) 
        shall apply to calendar years beginning after 2002.
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