H.R. 3718 – Reading Mode

111th CONGRESS

1st Session

H. R. 3718

IN THE HOUSE OF REPRESENTATIVES

October 1, 2009

Mr. Towns (for himself, Mr. Pierluisi, Mr. Mica, Mr. Young of Alaska, Mr. Serrano, Ms. Ros-Lehtinen, Mr. Mario Diaz-Balart of Florida, Mr. Pascrell, Ms. Wasserman Schultz, and Mr. Crowley) 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 make residents of Puerto Rico eligible for the refundable portion of the child tax credit.

Refundable child tax credit allowable to residents of Puerto Rico with less than 3 children

(a)

In General

Paragraph (1) of section 24(d) of the Internal Revenue Code of 1986 (relating to portion of credit refundable) is amended by inserting at the end the following new sentence: For purposes of this paragraph, taxable income shall be computed without regard to section 933..

(b)

Effective Date

The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2008.

(c)

Applicability

(1)

In general

Any credit allowable by reason of the amendment made by subsection (a) shall not exceed the applicable percentage of the amount of credit which would otherwise be allowable under section 24(d)(1) of the Internal Revenue Code of 1986 (without regard to this subsection).

(2)

Applicable percentage

The applicable percentage shall be determined as follows:

In the case of any taxable	The applicable
year beginning in:	percentage is:
2009	20
2010	40
2011	60
2012	80
2013 and thereafter	100.