I
110th CONGRESS
1st Session
H. R. 2126
IN THE HOUSE OF REPRESENTATIVES
May 3, 2007
Mr. Carney (for himself and Mr. Platts) 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 modify the income threshold used to calculate the refundable portion of the child tax credit.
Short title
This Act may be cited as the
Working Family Child Assistance
Act
.
Modification of income threshold used to calculate refundable portion of child tax credit
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:
the sum of—
10 percent of so much of the taxpayer’s earned income (within the meaning of section 32) taken into account in computing taxable income for the taxable year as exceeds $5,000 but does not exceed $24,000, plus
15 percent of such earned income as exceeds $24,000, or
.
Repeal of inflation adjustment
Section 24(d) of such Code is amended by striking paragraph (3).
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2006.