[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 962 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 962
To amend the Internal Revenue Code of 1986 to accelerate the increase
in the child tax credit and to expand the refundability of such credit,
and for other purposes.
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IN THE SENATE OF THE UNITED STATES
April 30, 2003
Mrs. Lincoln (for herself, Mr. Rockefeller, Mr. Bingaman, and Mr.
Breaux) introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to accelerate the increase
in the child tax credit and to expand the refundability of such credit,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXPANSION OF CHILD TAX CREDIT.
(a) Acceleration of Increase in Credit.--Subsection (a) of section
24 of the Internal Revenue Code of 1986 (relating to child tax credit)
is amended to read as follows:
``(a) Allowance of Credit.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year with
respect to each qualifying child of the taxpayer an amount equal to
$1,000.''.
(b) Expansion of Credit Refundability.--
(1) In general.--Clause (i) of section 24(d)(1)(B) of the
Internal Revenue Code of 1986 (relating to portion of credit
refundable) is amended to read as follows:
``(i) 15 percent of so much of the
taxpayer's earned income (within the meaning of
section 32) which is taken into account in
computing taxable income for the taxable year
as exceeds $7,500, or''.
(2) Conforming amendment.--Section 24(d) of such Code is
amended by striking paragraph (3).
(c) Increase in Age of Qualifying Child.--Section 24(c)(1)(B) of
the Internal Revenue Code of 1986 (defining qualifying child) is
amended by striking ``age of 17'' and inserting ``age of 19''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to taxable years
beginning after December 31, 2002.
(2) Subsection (c).--The amendment made by subsection (c)
shall apply to calendar years beginning after 2002.
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