[Congressional Record Volume 163, Number 196 (Friday, December 1, 2017)]
[Senate]
[Pages S7757-S7758]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1854. Mr. BROWN (for himself, Mr. Bennet, Mr. Durbin, Mr. Casey,
Mr. Wyden, Mrs. Murray, and Mr. Menendez) submitted an amendment
intended to be proposed by him to the bill H.R. 1, to provide for
reconciliation pursuant to titles II and V of the concurrent resolution
on the budget for fiscal year 2018; which was ordered to lie on the
table; as follows:
Strike section 11022 and insert the following:
SEC. 11022. INCREASE IN AND MODIFICATION OF CHILD TAX CREDIT.
(a) In General.--Section 24 is amended--
(1) by striking subsections (a) and (b) and inserting the
following:
``(a) Allowance of Credit.--There shall be allowed as a
credit against the tax imposed by this chapter for the
taxable year an amount equal to the sum of--
``(1) with respect to each qualifying child of the taxpayer
who has attained 6 years of age before the close of such
taxable year and for which the taxpayer is allowed a
deduction under section 151, an amount equal to $2,000, and
``(2) with respect to each qualifying child of the taxpayer
who has not attained 6 years of age before the close of such
taxable year and for which the taxpayer is allowed a
deduction under section 151, an amount equal to $2,500.
``(b) Limitation.--
``(1) In general.--The amount of the credit allowable under
subsection (a) (including any increase pursuant to subsection
(h)) shall be reduced (but not below zero) by an amount equal
to 5 percent of the taxpayer's adjusted gross income which is
in excess of the threshold amount.
``(2) Threshold amount.--
``(A) In general.--For purposes of paragraph (1), the term
`threshold amount' means--
``(i) $250,000 in the case of a joint return,
``(ii) $200,000 in the case of an individual who is not
married, and
``(iii) $125,000 in the case of a married individual filing
a separate return.
``(B) Marital status.--For purposes of this paragraph,
marital status shall be determined under section 7703.'',
(2) in subsection (d)(1)--
(A) in subparagraph (A), by inserting ``, subsection (h),''
after ``this subsection'', and
(B) in subparagraph (B)(i)--
(i) by striking ``15 percent'' and inserting ``45
percent'', and
(ii) by striking ``as exceeds $3,000'', and
(3) by adding at the end the following new subsections:
``(h) Additional Credit for Certain Other Dependents.--
``(1) In general.--In the case of a taxable year beginning
after December 31, 2017, and before January 1, 2026, the
credit determined under subsection (a) shall be increased by
$500 for each dependent of the taxpayer (as defined in
section 152) other than a qualifying child described in
subsection (c).
``(2) Exception for certain non-citizens.--Paragraph (1)
shall not apply with respect to any individual who would not
be a dependent if subparagraph (A) of section 152(b)(3) were
applied without regard to all that follows `resident of the
United States'.
``(i) Definition of Qualifying Child.--In the case of a
taxable year beginning before January 1, 2025, paragraph (1)
of subsection (c) shall be applied by substituting `18' for
`17'.
``(j) Inflation Adjustment.--
``(1) In general.--In the case of any taxable year
beginning after 2018, each of the dollar amounts in
subsection (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 `2017' for `2016' in
subparagraph (A)(ii) thereof.
``(2) Rounding.--If any increase determined under paragraph
(1) is not a multiple of $100, such increase shall be rounded
to the next lowest multiple of $100.''.
(b) Effective Date.--The amendments made by subsection (a)
shall apply to taxable years beginning after December 31,
2017.
[[Page S7758]]
(c) Offsets.--
(1) Adjustment and termination of corporate rate.--Section
11, as amended by section 13001 of this Act, is amended--
(A) in subsection (b), by striking ``20 percent'' and
inserting ``25 percent''
(B) by adding at the end the following:
``(e) Termination of 25 Percent Rate.--In the case of any
taxable year beginning after December 31, 2027--
``(1) the tax computed under subsection (a) shall be
computed in the same manner as such tax was computed under
subsection (b) (as in effect on the day before the date of
the enactment of the Tax Cuts and Jobs Act), and
``(2) this title shall be applied and administered as if
the amendments made by section 13002 of such Act had not been
enacted.''.
(2) Adjustment of highest rate bracket.--
(A) Joint returns.--The last row of the table contained in
section 1(j)(2)(A), as added by section 11001(a), is amended
to read as follows:
``Over $1,000,000......................... $301,479, plus 39.6% of the
excess over $1,000,000.''.
(B) Heads of households.--The last row of the table
contained in section 1(j)(2)(B), as added by section
11001(a), is amended to read as follows:
``Over $500,000........................... $149,348, plus 39.6% of the
excess over $500,000.''.
(C) Unmarried individuals.--The last row of the table
contained in section 1(j)(2)(C), as added by section
11001(a), is amended to read as follows:
``Over $500,000........................... $150,739.50, plus 39.6% of
the excess over
$500,000.''.
(D) Married individuals filing separate returns.--The last
row of the table contained in section 1(j)(2)(D), as added by
section 11001(a), is amended to read as follows:
``Over $500,000........................... $150,739.50, plus 39.6% of
the excess over
$500,000.''.
(E) Effective date.--The amendments made by this paragraph
shall apply to taxable years beginning after December 31,
2017.
(3) Global intangible low-taxed income on a country-by-
country basis.--
(A) In general.--Section 951(a), as added by section 14201
of this Act, is amended by adding at the end the following:
``(g) Determination of Global Intangible Low-taxed Income
on a Country-by-country Rather Than Aggregate Basis.--
``(1) In general.--Notwithstanding any other provision of
this section, the global intangible low-taxed income of any
United States shareholder for any taxable year shall be
determined separately with respect to each foreign country by
taking into account such shareholder's pro rata share of net
CFC tested income and net deemed tangible income return which
is properly allocable to such foreign country.
``(2) Application.--The Secretary shall take such actions
as are necessary to provide for the application of this
section, and any provision of this title to which this
section relates, on a country-by-country rather than an
aggregate basis.''.
(B) Effective date.--The amendment made by this subsection
shall take effect as if included in the amendments made by
section 14201 of this Act.
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