[Congressional Record Volume 149, Number 63 (Wednesday, April 30, 2003)]
[Senate]
[Pages S5608-S5609]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. LINCOLN (for herself, Mr. Rockefeller, Mr. Bingaman, and 
        Mr. Breaux):
  S. 962. A bill to amend the Internal Revenue Code of 1986 to 
accelerate the increase in the child tax credit and to expand 
refundability of such credit, and for other purposes; to the Committee 
on Finance.
  Mr. ROCKEFELLER. Mr. President, I am pleased to cosponsor legislation 
being introduced today that will dramatically improve the child tax 
credit. I thank my friend and colleague, Senator Lincoln, for her hard 
work on behalf of our Nation's working families.
  In the 6 years since the child tax credit was first enacted, it has 
provided important tax relief to families across the country. Income 
taxes can be particularly burdensome to moderate income families who 
are facing increased costs for food, housing, medicine, education, and 
other basic needs for their children. Indeed, almost half of the 
benefits of this credit are enjoyed by families with taxable income 
under $50,000 per year. This is important in States like mine; in West 
Virginia, almost 80 percent of the taxpayers have annual incomes below 
$50,000.
  While the current child tax credit is excellent--it could be even 
better. The $600 credit, which is available only for children under the 
age of 17, does not truly recognize the costs that face many families 
raising children. Moreover, many working families do not have enough 
income to qualify for the credit. Make no mistake, I am talking about 
hard-working parents who go to

[[Page S5609]]

their jobs every day and take their responsibilities to their children 
very seriously. These parents are paying payroll taxes, but cannot 
provide for some of the basic needs of their children. The legislation 
introduced today would improve the law so that a greater portion of the 
child tax credit could be refunded to these admirable parents.
  Specifically, this legislation includes two important improvements to 
the current child tax credit that will benefit all families who claim 
the credit. First, the legislation would increase the amount of the tax 
credit from $600 to $1,000 immediately. Second, the bill increases the 
age of children who are eligible for the credit from 16 to 18. We know 
that 17- and 18-year-old children are facing enormous educational 
expenses in order to attend college or technical school. We ought to 
help parents pay for this education by allowing them to continue to 
receive the child tax credit until their child is a legal adult. The 
bill also includes two important improvements to the eligibility 
criteria for the refundable credit. By lowering the income threshold 
for the refundable credit and increasing the percentage of income 
eligible for the refundable credit, we can ensure that more of the 
families most in need of assistance can benefit from this credit.
  The child tax credit is one of the most important ways that Congress 
can demonstrate its support for America's families. And I hope that my 
colleagues will support this legislation which would dramatically 
improve the child tax credit.
                                 ______