I 112th CONGRESS 1st Session H. R. 2454 IN THE HOUSE OF REPRESENTATIVES July 7, 2011 Mr. Pierluisi (for himself, Mr. Towns, Mr. Diaz-Balart, Mr. Crowley, Mr. Pascrell, Mr. Young of Alaska, Mr. Rothman of New Jersey, Mr. Serrano, Ms. Wasserman Schultz, and Mr. Hastings of Florida) 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 with one child or two children eligible for the refundable portion of the child tax credit.

1.

Short title

This Act may be cited as the Child Tax Credit Equality for Puerto Rico Act of 2011.

2.

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, 2010. (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: 201120 201240 201360 201480 2015 and thereafter100.