110 HR 431 IH: To amend the Internal Revenue Code of 1986 to make U.S. House of Representatives 2007-01-11 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. 431 IN THE HOUSE OF REPRESENTATIVES January 11, 2007 Mr. Towns 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 make residents of Puerto Rico eligible for the refundable portion of the child tax credit.

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, 2006. (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 taxableThe applicable  year beginning in—percentage is— 200720 200840 200960 201080 2011 and thereafter100.