I
112th CONGRESS
1st Session
H. R. 2454
IN THE HOUSE OF REPRESENTATIVES
July 7, 2011
Mr. Pierluisi (for himself, Mr. Towns, Mr. Diaz-Balart, Mr. Crowley, Mr. Pascrell, Mr. Young of Alaska, Mr. Rothman of New Jersey, Mr. Serrano, Ms. Wasserman Schultz, and Mr. Hastings of Florida) 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 with one child or two children eligible for the refundable portion of the child tax credit.
Short title
This Act may be cited as the
Child Tax Credit Equality for Puerto
Rico Act of 2011
.
Refundable child tax credit allowable to residents of Puerto Rico with less than 3 children
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.
.
Effective Date
The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2010.
Applicability
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).
Applicable percentage
The applicable percentage shall be determined as follows:
| In the case of any taxable | The applicable |
| year beginning in: | percentage is: |
| 2011 | 20 |
| 2012 | 40 |
| 2013 | 60 |
| 2014 | 80 |
| 2015 and thereafter | 100. |