To expand the refundability of the child tax credit.

1. Adds SEC. ____. FURTHER EXPANSION OF CHILD TAX CREDIT REFUNDABILITY at the end of subtitle C of title V

   Adds a section

   In S. 1054 · Placed on Calendar Senate

   (c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.

   Inserted: SEC. ____. FURTHER EXPANSION OF CHILD TAX CREDIT REFUNDABILITY.

   Inserted: (a) Expansion of Child Tax Credits.--

   Inserted: (1) In general.--Clause (i) of section 24(d)(1)(B) (relating to portion of credit refundable), as amended by section 106(b) of this Act, is amended to read as follows:

   Inserted: "(i) the sum of--

   Inserted: "(I) 5 percent of so much of the taxpayer's earned income (within the meaning of section 32) as is taken into account in computing taxable income for the taxable year which exceeds $5,000 and is less than $13,250, and

   Inserted: "(II) 15 percent of so much of the taxpayer's earned income (within the meaning of section 32) as is taken into account in computing taxable income for the taxable year which is more than $13,250, or".

   Inserted: (2) Effective date.--The amendment made by this subsection shall apply to taxable years beginning after December 31, 2002.

   Inserted: (3) Application of EGTRRA.--The amendment made by this subsection shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 to the same extent and in the same manner as the provision of such Act to which such amendment relates.

   Inserted: (b) Delay of Dividend Exclusion.--Subparagraph (B) of section 116(a)(2) (relating to partial exclusion of dividends by individuals), as amended by section 201 of this Act, is amended by striking "2007" and inserting "2010".

   Original wording

   At the end of subtitle C of title V, insert the following:

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As printed