[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1757 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1757

To amend the Internal Revenue Code of 1986 to make residents of Puerto 
   Rico eligible for the refundable portion of the child tax credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 22, 2005

 Mrs. Clinton 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 make residents of Puerto 
   Rico eligible for the refundable portion of 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. REFUNDABLE CHILD TAX CREDIT ALLOWABLE TO RESIDENTS OF PUERTO 
              RICO WITH LESS THAN 3 CHILDREN.

    (a) In General.--Paragraph (1) of section 24(d) of the Internal 
Revenue Code of 1986 (relating to portion of credit refundable) is 
amended by inserting at the end the following new sentence: ``For 
purposes of this paragraph, taxable income shall be computed without 
regard to section 933.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2005.
    (c) Applicability.--
            (1) In general.--Any credit allowable by reason of the 
        amendment made by subsection (a) shall not exceed the 
        applicable percentage of the amount of credit which would 
        otherwise be allowable under section 24(d)(1) of the Internal 
        Revenue Code of 1986 (without regard to this subsection).
            (2) Applicable percentage.--The applicable percentage shall 
        be determined as follows:

In the case of any taxable                               The applicable
  year beginning in--                                   percentage is--
    2006..........................................                  20 
    2007..........................................                  40 
    2008..........................................                  60 
    2009..........................................                  80 
    2010 and thereafter...........................                 100.
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