110 HR 2951 IH: Tax Relief for All Workers Act of U.S. House of Representatives 2007-06-28 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. 2951 IN THE HOUSE OF REPRESENTATIVES June 28, 2007 Mr. Yarmuth (for himself and Mr. Ellison) 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 earned income tax credit for single, childless workers.
1.
Short title
This Act may be cited as the Tax Relief for All Workers Act of 2007.
2.
Modifications to earned income tax credit for workers with no qualifying children
(a)
Increase in credit and phaseout percentages
The table under section 32(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking 7.65 in both places it appears and inserting 15.3. (b)
Increase in phaseout amount
The table under section 32(b)(2)(A) of such Code is amended by striking $5,280 and inserting $10,700. (c)
Inflation adjustment
Subsection (j) of section 32 of such Code is amended by redesignating paragraph (2) as paragraph (3) and by inserting after paragraph (1) the following new paragraph: (2)
Phaseout amount for individuals with no qualifying children
In the case of any taxable year beginning after calendar year 2008, the $10,700 dollar amount in subsection (b)(2)(A) 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 2007 for calendar year 1992 in subparagraph (B) thereof. . (d)
Conforming amendment
Clause (i) of section 32(j)(1)(B) of such Code is amended by inserting (other than the amount described in paragraph (2)) after subsections (b)(2)(A). (e)
Effective date
The amendments made by this section shall apply to taxable years ending after December 31, 2007.