110 HR 2126 IH: Working Family Child Assistance U.S. House of Representatives 2007-05-03 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 2126 IN THE HOUSE OF REPRESENTATIVES May 3, 2007 Mr. Carney (for himself and Mr. Platts) 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 modify the income threshold used to calculate the refundable portion of the child tax credit.

1.

Short title

This Act may be cited as the Working Family Child Assistance Act.

2.

Modification of income threshold used to calculate refundable portion of child tax credit

(a)

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)the sum of— (I)10 percent of so much of the taxpayer’s earned income (within the meaning of section 32) taken into account in computing taxable income for the taxable year as exceeds $5,000 but does not exceed $24,000, plus (II)15 percent of such earned income as exceeds $24,000, or . (b)

Repeal of inflation adjustment

Section 24(d) of such Code is amended by striking paragraph (3). (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.