I 112th CONGRESS 1st Session H. R. 508 IN THE HOUSE OF REPRESENTATIVES January 26, 2011 Mr. Posey (for himself, Mr. Bishop of Utah, Mr. Lamborn, Mr. Young of Alaska, Mrs. Blackburn, and Mr. Bartlett) 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 permanent the child tax credit and to allow for adjustments for inflation with respect to the child tax credit.

1.

Short title

This Act may be cited as the Child Tax Credit Preservation Act of 2011.

2.

Modifications of child tax credit

(a)

Repeal of sunset

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) shall not apply to— (1)the amendments made by section 201 of such Act, and (2)any amendments made to section 24 of the Internal Revenue Code of 1986 which are enacted after the date of the enactment of such Act. (b)

Adjustments for inflation

Section 24 of the Internal Revenue Code of 1986 (relating to the child tax credit) is amended by adding at the end the following new subsection: (g)

Adjustments for inflation

(1)

In general

In the case of a taxable year beginning after December 31, 2010, the dollar amounts in subsection (a) and (b)(2) 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 2001 for calendar year 1992 in subparagraph (B) thereof. (2)

Rounding rule

If a dollar amount in subsection (a) or (b)(2), as increased under paragraph (1), is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50. . (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2010.